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disadvantages of the incentive payments 1there is a tendency for the quality of products to deteriorate unless steps are taken to ensure such
an incentive plan has the following important features1an incentive plan may consist of both monetary and non monetary elements mixed elements can
q show rewards and incentiverewards and incentive an incentive or rewards can be anything that attracts a workers attention and stimulates hi to work
comparison bw time rate system and piece rate system 1in time wages time is the basis of payment whereas in the piece wage quantity of the work is
disadvantages of the piece wage system 1payment under this system is irregular and uncertain for the workers point of view and thus creates
advantages of piece wage system 1it pays the work man according to his efficiency as reflected in the amount of worth turned out by him it satisfies
q what do you mean by piece wage system piece wage system under this system workers are paid according to the amount of work done or the number of
q show suitability of time wage systemsuitability of time wage system1 where supervision is close as in small concerns2 where quality is more
disadvantages of time wage system1 it does not take into account the fact that men are of different abilities and that if all the persons are paid
advantage of time wage system 1simplicity is the greatest merits of time wage system time which a man expands on a job is easy to measure2the quality
q system - method and types of wage paymenttime wage this is the oldest and the most common method of fixing wages under this system workers are paid
q show factors influencing employee remuneration1labour market demanded for and supply of labour influence wage salary fixation a low wage may be
procedure of wage and salary administration the basic steps in the process of setting wages and salaries of employees arestep 1 job analysis
essential characteristics of a good wage payment system the system of wage payment should be such that it is acceptable and beneficial to both
show functions of the wage and salary administrationfunctions of the wage and salary administration to recommend changes in the wage policies and in
objectives of wage and salary administration 1reward employees according to the effect and merit2attract and retain the services of desirable
q diffrence between wages vs salarywages is compensation to the employees for services rendered to the organization in case the quantum of services
q describe basic concepts of wages concepts of wages minimum wage minimum wage is the one which provide not merely for bare sustenance of life but
q wages and salary administrationmeaning amp definition a wage or pay is the remuneration paid for the services of the labour in the production
q show basic components of compensation components of compensation remuneration to be specific typical remuneration of an employee comprises1wages
q show importance of the compensation compensation and reward system plays a vital role in a business organization since among four ms men material
optimizing cost of the compensation compensation management is aims at optimizing cost of the compensation by establishing some kind of linkage with
q purpose of motivating personnelcompensation management aims at motivating personnel for higher productivity monetary compensation has its own
purpose of compensation managementattracting and retaining personnel from organizational point of view the compensation management aims at attracting
the literal meaning of the compensation is to counter balance in the case of human resource management compensation is referred to as money and other