This topic is included with wages and incentives, where as in wages included with Elements of ideal Wage-System,Types of Wages, Merits & Demerits of Wages and in incentives with types of incentives, merits and demerits of incentives. Which can help a student to go through it.
This topic is included with wages and incentives, where as in wages included with Elements of ideal Wage-System,Types of Wages, Merits & Demerits of Wages and in incentives with types of incentives, merits and demerits of incentives. Which can help a student to go through it.
In this presentation, we will understand the process of wages and salary administration, job evaluation for administering wages and salary, designing a salary structure, determination of pay and salary administration of top executives.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
An incentive is something that motivates an individual to perform an action. The study of incentive structures is central to the study of all economic activities (both in terms of individual decision-making and in terms of co-operation and competition within a larger institutional structure).
Every business organization will agree that most valuable asset for an organization will be Human Resources and we cannot measure the appropriate value of Human resources in monetary terms (Instead of Human Resource accounting methods are available). So we need to provide proper appraisal system or performance measurement system for the employees in order to measure their performance and provide satisfactory and equal benefits to all the employees. Proper appraisal system will help the organization to share the profits with the employees in a scientific way. So I have made a small contribution towards the employees appraisal system for RETAIL STORES.
In this presentation, we will understand the process of wages and salary administration, job evaluation for administering wages and salary, designing a salary structure, determination of pay and salary administration of top executives.
To know more about Welingkar School’s Distance Learning Program and courses offered, visit:
http://www.welingkaronline.org/distance-learning/online-mba.html
An incentive is something that motivates an individual to perform an action. The study of incentive structures is central to the study of all economic activities (both in terms of individual decision-making and in terms of co-operation and competition within a larger institutional structure).
Every business organization will agree that most valuable asset for an organization will be Human Resources and we cannot measure the appropriate value of Human resources in monetary terms (Instead of Human Resource accounting methods are available). So we need to provide proper appraisal system or performance measurement system for the employees in order to measure their performance and provide satisfactory and equal benefits to all the employees. Proper appraisal system will help the organization to share the profits with the employees in a scientific way. So I have made a small contribution towards the employees appraisal system for RETAIL STORES.
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Wage Payment Systems are the different methods adopted by organizations by which they remunerate labour.
It is the way of giving financial compensation to the workers for the time and effort invested by them in converting materials into finished products.
1. Time rate system
2. Piece rate system
3. Incentive wage system (payout plan)
Compensating the workforce is a day to day operation essential for keeping the workforce. explore the slides to understand the structure, essentials and fundamentals of compensation.
Labour Cost
System of wages
Piece Rate or Piece Work
Why Control labour costs?
Idle Time Cost
Types of incentive wage plans
Halsey premium method and Rowan’s method
Merrick Differential Piece Rate System
Measuring workforce performance
Labour turnover
Turnover and costing
Calculation Methods
Labour productivity
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Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
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A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
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Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
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1. Various Compensation Systems
There are basically two compensation system viz. Basis Time Rate and
Piece Rate. Theses two systems are devised to make payment to workers of
different skills, efficiency levels. Its is meant for making payment, which
should adequate compensate the worker for his efforts.
The Compensation System
Time Rate
Piece rate
Indirect
Bonus
Profit
sharing
Mone
tary
Incentive
1. Time Rate System:
This system is divided into three categories.
Time Rates
Ordinary level
High Wage Level
Graduated
Time
Rates
Ordinary Level:
It is calculated on time (daily, monthly, weekly etc.)The formula for
calculation of salary is
Rate per hour X Hours worked = Earnings (RPH X HW=E).
High Wage Level :
It is calculated on hourly basis put over time is not paid. The formula
for calculation of salary is
RPH X HW = E
Graduate System:
2. Payment : the basis is linked with dearness cost of living. The index of
cost of living is varying and that is considered for calculating the
remuneration.
Formula: Basic Salary is Rs. 2,000/- and Cost of living Index (D.A) is
100% then, Rs 2000+100% of Rs 2000 as cost of living is added, thus
total remuneration is Rs. 4000/-. It after 6 months, cost of living index
change 15%. Then basic salary + 150% of basic salary i.e Rs 3,000/will make it Rs, 5000.
2. Piece Rate/ Payment Rate ( Payment by Results)
System of Piece Rate ( Payment by Results)
Straight Piece Rate
Rate
Piece & Time Combination
Taylor System
Differential Piece
Merrick System
Gantt Task
System
Straight Piece Rate:
Payment : Flat rate is applicable per unit, which is predetermined. The time
spent is not considered.
Formula: PPR X O = Earnings.
Piece Rate and Time Rate Combinations:
Payment: It is a dual rate system, designed to perfect inefficient workers.
The worker is ensured to get the mi9nimum payment. If the payment is
calculated on the basis of piece rate guarantees and number of pieces fall
below the minimum wages guaranteed, he is paid by time Rate.
Differential Piece rate:
3. Payment: In favour of piece rate system, minimum wages were assured.
However, under this system, instead of combining time-rate and piece-rate,
there are dual rates for different efficiency level. The purpose behind
keeping high piece rate for higher efficiency is as the level of production
increases, the cost per unit falls.
4.
Bonus:
Bonus is given by the company to their employees as a reward. It is
been fixed by the government i. e 8.33%. Bonus encourages the employees
to work hard. It is a motivating factor for the employees to improve their
efficiency.
5. Profit Sharing:
Profit Sharing is the most motivating factor. When the company
makes profit it gives some kind of share to their employees as a
Annual increment. This helps to motive employees to work hard and
get more increment.
6.
Indirect
Monetary Incentive :
Indirect Monetary Incentives like traveling allowance, HRA,
Dearness
allowance, medical facility, etc are very motivating for the employees.
Q4b. Distinguish between of Time rate and piece rate system.
Ans.4b.
No.
Particular
Time Rate System
Piece Rate System
1.
Definition
When the payment of
wages is made to
employees irrespective
of the production the
system is called Time
Rate System.
When the employee is paid on
the basis of output/units
produced/completed
and
predetermined rate for the
same irrespective of spent for
the work is called piece rate
4. 2.
3.
4.
Significant factor
Additional
payment
component
Formula
5.
Pre-requisite
6.
Suitability
Industries
7.
Work nature
8.
Workers
a. Literary level
b. Skill
c. Need of
managerial
ability
d. Creativity
e. Tenure
f. Job Satisfaction
g. Responsibility
Incentive paid by
Benefits
Cost
9.
10.
11.
Attendance time
Overtime at higher rate
Hours worked x rate per
Hour= Earning (HW X
RPH = E)
The work is of the
nature, which cannot be
measured, in quantitative
terms, e.g. Preparing
engineering drawing of a
job. Supervision of the
wok.
to Performance
is
not
possible to measure
accurately. Where jobs
involves art and skill,
like ornament making,
fashion
designing,
furniture making etc.
To be performed with
machines
and
equipments,
without
intervals
system.
Production /Output
Additional output at higher
piece rate
Units produced x Piece rate =
Earning (UP X PR = E)
The
work
should
be
measurable in quantitative
terms. E.g. winding of
transformers, packing articles
in plastic bags.
Where precisely the work can
be measured. Where the job is
to stereotype nature
( Assembly of parts).
Generally
intervals.
manually,
with
High
Highly Skilled
Low
Unskilled
Low
Higher tome rate
Of all these
High cost, fixed cost
High rate for additional output
Very low
Low cost, variable cost