T%3 d1210312965 2918501-ppt-of-wages-and-salaries-adm

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T%3 d1210312965 2918501-ppt-of-wages-and-salaries-adm

  1. 1. Wages and salaries administrationBy: Sheeba Rehman
  2. 2. Compensation management Compensation is what employees receive in exchange for their contribution to the organisation.Total compensation = Direct + Indirect Compensation Base Pay Incentives Benefits
  3. 3. Components of employee remuneration Remuneration Financial Non-financial Basic wages Incentives, Job context Individual plans Challenging job Group plans Responsibilities Fringe benefits Growth prospects P.F. Perquisites Supervision Medical care Car Working conditions Accident relief Club membership Job sharing etc Health and Paid holidaysGroup insurance Furnished house Stock option scheme
  4. 4. Concepts of Wages Minimum Wages Fair Wages Living wages
  5. 5. Objectives of compensationplanning Internal equity External equity Individual equity Attract talent Retain talent Ensure equity New and desired behavior Control costs Ease of operation
  6. 6. Motivation and performance model Feedback to Rewards are given employees Employee considersEmployees set Equity of Performance Goals and Performance Is rewarded expectations rewards Employee sets new goals and Expectations based on prior experiences
  7. 7. Importance of an ideal remunerationsystemDesire for performancemore pay strikes grievances search for options absenteeism turnoverPay dissatisfactionlower job psychologicalattractiveness dissatisfaction withdrawalof jobs absenteeism visits to the Doctor poor mental health
  8. 8. Influencing factors of Remuneration Remuneration External Internal Labour Market Business Strategy Cost of Living Job evaluation & Labour Unions PA Govt. Legislations The Employee Society Economy
  9. 9. Devising a remuneration plan Job Description Job Evaluation Job Hierarchy Pay Survey Pricing Jobs
  10. 10. The Development of a wage trend- line New key Job B 10 Key Job A 9Wages 8orsalaries 7 6 Wage-trend Line 5 4 100 200 300 400 500 600 700 800 900 1000 Point Values
  11. 11. Challenges of remuneration Skills-based Salary pay reviews Remuneration Pay secrecy Employeeparticipation Comparable worth
  12. 12. Wages Policy in India Payment of Wages Act, 1936 Industrial Dispute Act, 1947 Minimum Wages Act, 1948 Equal remuneration Act, 1976 Payment of Bonus Act, 1965 Wage Board

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