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Wage and salary administration anjali patel

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  • 1. Wage andSalaryAdministration
  • 2. Wage & Salary Administration An integral part of management. Systematic approach to provide monetary values to employees. It is Administration of Employee Compensation. Aims to establish and maintain an equitable wage and salary structure.
  • 3. Definition According to D.S. Beach-“It refers to the establishment andimplementation of sound policies and practicesof employee compensation.” According to Bewath and Reins-“It is essentially the application of a systematicapproach to the problem of ensuring thatemployees are paid in a logical, equitable andfair manner”
  • 4. Wage Salary & Compensation Wages Salary Compensation
  • 5. Wages Paid to Blue Collared employees. Daily, Weekly or Monthly work paid. Forjobs which can be measured to some extent in terms of money’s worth.
  • 6. Salary Paid to White Collared employees. Paid monthly, or bimonthly. Contribution of work can not be easily measured.
  • 7. Compensation Compensation is a comparative term. Itincludes wage and all other allowances and benefits like allowances, leave facilities, housing, travel and non-cost such as recognition, privileges and symbols of status
  • 8. Concept of Wages Fair Wage Minimum Wage Living WageStatutory Minimum Basic Minimum Need Based
  • 9. Objectives Establish fair and equitable compensation. Attract competent and qualified personnel. To retain present employees. To keep labor cost align with organization ability to pay. To improve motivation and morale of employees. To project good image of the company. To minimize chance of favoritism.
  • 10. Principles Interest of all the parties should be considered. Wage Plans should be flexible and responsive to changes. Differences in wages should be based on logical facts. Consistently align with organization plan. Expedite and Simplify administrative process. In line with prevailing market rates.
  • 11. Factors Affecting External Internal Factors Factors
  • 12. External Factors • Demand and Supply • Cost of Living • Trade Union’s Bargaining Power • Government Legislation • Psychological and Social Factors • Economy • Technological Developments • Prevailing Market Rates.
  • 13. Internal Factors Ability to Pay Job Requirements Management Strategy Employee
  • 14. ProcessJob Analysis Wage Survey Group Similar Jobs to Pay Grades Price Each Pay Grade Fin- Tune Pay Rates Wage Administration Rules
  • 15. Types of Wages Time Wage Piece Wage Wage Incentive Plan
  • 16. Wage Incentive Plan Halsey Premium Scheme Rowan Premium Scheme Taylor’s Plan Merrick Plan Gantt Plan Emerson Plan Profit-Sharing Scheme Scanlon Plan
  • 17. Submitted to-Dr. PraveenSaxenaSubmitted by-Anjali Patel