Behavioral theory – wage theories compensation management - Manu Melwin Joymanumelwin
Many behavioural scientists — notably psychologists and sociologists- like March and Simon, Robert Dubin, Eliot Jacques—have presented their views on wages and salaries on the basis of research studies and action programmes conducted by them.
Behavioral theory – wage theories compensation management - Manu Melwin Joymanumelwin
Many behavioural scientists — notably psychologists and sociologists- like March and Simon, Robert Dubin, Eliot Jacques—have presented their views on wages and salaries on the basis of research studies and action programmes conducted by them.
Wage policy in india - compensation management - Manu Melwin Joymanumelwin
A national wage policy aims at establishing wages at the highest possible level, which the economic conditions of the country permit and ensuring that the wage earner gets a fair share of the increased prosperity of the country as a whole resulting from the economic development.
Managerial Emotional Intelligence by Adetoun OmoleAdetoun Omole
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Wage policy in india - compensation management - Manu Melwin Joymanumelwin
A national wage policy aims at establishing wages at the highest possible level, which the economic conditions of the country permit and ensuring that the wage earner gets a fair share of the increased prosperity of the country as a whole resulting from the economic development.
Managerial Emotional Intelligence by Adetoun OmoleAdetoun Omole
Today's People Manager must possess a great 'dose' of Emotional Intelligence (E.I) to excel. Find out the benefits of (E.I) and lots more from this presentation... Take Charge! Adetoun Omole (ACIPM)
MBA SEM 3 | HR PAPER 3 | COMPENSATION AND BENEFITS MANAGEMENT | MODULE No 2 | COMPENSATION PLANNING | RTMNU MBA | FREE NOTES PDF BY JAYANTI PANDE | ProNotesJRP | MBA Notes | Human Resource Management Specialization
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This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
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The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
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We all have good and bad thoughts from time to time and situation to situation. We are bombarded daily with spiraling thoughts(both negative and positive) creating all-consuming feel , making us difficult to manage with associated suffering. Good thoughts are like our Mob Signal (Positive thought) amidst noise(negative thought) in the atmosphere. Negative thoughts like noise outweigh positive thoughts. These thoughts often create unwanted confusion, trouble, stress and frustration in our mind as well as chaos in our physical world. Negative thoughts are also known as “distorted thinking”.
1. Unit 4 HRM – Elaki Page 1
Compensation Management
Compensation is what employees receive in exchange for their contribution to the organization.
Total compensation = Direct (Base pay and Incentives) + Indirect Compensation (Benefits)
Concept of Wage and Salary:
Wage salary is essential the application of a systematic approach to the problem of ensuring that
employees are paid in a logical, equitable and fair manner.
Termed used as Wage, salary, earnings, nominal wage, real wage, take home salary, minimum
wage, statutory minimum wage, the need based wage, the living wage, the fair wage, incentives wage,
wage rate, standard wage rate.
Salary:
The term salary is defined as, “the remuneration paid to the clerical and managerial personnel
employed on monthly or annual basis.”
Wage:
The term wage is defined as “the remuneration paid by the employer for the services of hourly,
daily, weekly and fortnightly employees”.
Minimum wage is the amount of remuneration which could meet the “normal needs of the
employee regarded as a human being living in a civilized society”
Statutory minimum wage is the amount of remuneration fixed according to the provisions of the
minimum Wages act 1948
The need based minimum wage is the amount of remuneration fixed on the basis of norms
accepted at the 15th
session of the Indian labour conference held at the new Delhi in July 1957
Fair wage is the wage fixed between the minimum and the living wages. ”
Living wage should enable the male wage earner “to provide for himself and his family not
merely the bare essential of food, clothing and shelter, but a measure ill-health, requirements of
essential social needs and a measure of insurance against the more important misfortunes,
including the old age.
Wages Policy in India
Payment of Wages Act, 1936
Industrial Dispute Act, 1947
Minimum Wages Act, 1948
Equal remuneration Act, 1976
2. Unit 4 HRM – Elaki Page 2
Payment of Bonus Act, 1965
Wage Board
Theories of wages:
1. Surplus Value Theory by Karl Marx (1818-1883):
Acc to this theory Workers was an article of commerce which could be purchased on the payment
of subsistence price.
The price of any product is determined by the labor TIME needed for producing it.
The workers were not paid acc to their contribution.
Criticism
Labor is treated as commodity
Price cannot be determined by labor time
No emphasis on productivity
Not applicable in organized sector
2. MARGINAL PRODUCTIVITY THEORY by P H Wicksteed (England) & J B Clark(USA)
It assumes that wages depend upon the demand for & supply of LABOR.
“Wages are based on entrepreneur ‘s estimate of the value that will be produced by the last or
marginal worker”
wages are paid on the base of economic worth
Homogeneous factor of production
Full employment of resources
Perfect competition
Perfect mobility of factor of production
Law of diminishing returns
Perfect knowledge
Criticism
No importance to supply of labor
In practice employer gives lower wages than marginal productivity of laborer
3. Unit 4 HRM – Elaki Page 3
Unrealistic assumptions
3. Residual Claimant Theory by Francis A Walker (1840-1897)
4 factor of production-land ,labor, capital & entrepreneurship.
Wages = value of production – (rent+ interest+ profit)
Criticism
Demand & supply factor ignored
Based on wrong notion of residual clainmant
Productivity & efficiency ignored.
4. Investment Theory by H M Gitelman:
Acc to this theory workers are paid in terms of their investment in education, experience &
training.
Worker must be having attributes.
Higher attributes higher payments.
5. Bargaining Theory of Wages by John Davidson:
o Acc. To this theory Wages are determined by relative bargaining power of workers or trade
unions and of the employers.
o Applicable in organized sector.
o If union is strong workers will be paid more. & vica virsa.
Wage Differentials:
Consequence of an equitable compensation program is that individuals are more likely to be
attracted to and take jobs in organizations where employees do not voice widespread concerns
about equity.
Greater loyalty
less turnover
Higher commitment to achieve organizational performance objectives
Reduced favouritism or personality preferences of managers and supervisors.
1. Interpersonal Differentials: Du e to sex, skills, age, knowledge and experience
2. Inter-occupational Differentials: more demanding, more risky jobs, knowledge, skills, demand
supply structure.
3. Inter-area Differentials: Cost of living, ability of employers to pay, demand of situation.
4. Unit 4 HRM – Elaki Page 4
4. Inter-Firm Differentials: Ability of employers to pay, employees bargaining
Wage Regulators:
3000 is the lowest salary given in any company.
1. Cost of living
2. Wage policy
3. Bargaining power/ comp ratable with other organizations
Incentives:
An incentive scheme is a plan or program to motivate individual or group performance. An
incentive program is most frequently built on monetary rewards (incentive pay or a monetary bonus), but
may also include a variety of non-monetary rewards or prizes”.
Other Incentives Schemes: (Individual and Group Incentives)
o Individual payment schemes include payment by results, piecework and bonuses, work
measurement (including measured day work) and appraisal and performance related pay
o Compensation system which links pay to a group's combined performance measured by reduction
in costs, increase in productivity, progress in attaining firm's objectives, etc.
Types of incentive scheme
o Piece rate scheme: Each unit produced over the target is rewarded with a bonus or commission
payment.
o Profit-sharing: Profits are shared equally or as agreed by partners.
o Profit-related pay: Employees are paid a bonus as a percentage of the profit amount made by a
company.
o Share-ownership: Employees are offered some shares or the possibility of purchasing some
shares as an incentive.
o Performance-related pay: Employees’ annual salary is linked to their performance in the job.
The size of payment is determined by the achievement of the set target.
Problems with the incentive schemes in practice
• Operating problems
• Product quality problems
• Quality of working life
• Jealous problems