Posted on November 30, by Scott Alexander I. If the world was created by the Invisible Hand, who is good, how did it come to contain so much that is evil? Can he expect to get rich? No — if Google stock was underpriced ie you could easily get rich by buying Google stockthen everyone smart enough to notice would buy it.
Read this essay to learn about Wage and Salary Administration of Employees.
After reading this essay you will learn about: Meaning of Wage and Salary Administration 2. Objectives of Wage and Salary Administration 3.
The Wage and Salary Determination Process 6. Meaning of Wage and Salary Administration: Administration of employee compensation is called wage and salary administration. It includes such areas as job evaluation, surveys of wage and salaries, analysis of relevant organisational problems, development and maintenance of wage structure, establishing rules for administrating wages, wage payment incentives, profit sharing, wage changes and adjustments, supplementary payments, control of compensation costs and other related items.
The goals of compensation administration are to design a cost-effective pay structure that will attract, motivate and retain competent employees.
Thus, wage and salary administration aims to establish and maintain an equitable wage and salary structure and an equitable labour cost structure.
Objectives of Wage and Salary Administration: A sound plan of wage and salary administration seeks to achieve the following objectives: Beach, wage and salary administration has four main purposes: To recruit persons for a firm b.
To control payroll costs c.
To satisfy people, to reduce the incidence of quitting, grievances and fractions over pay d. To motivate people to perform better. Principles of Wage and Salary Administration: The following principles should be observed in the wage and salary administration: Wage policy should be developed keeping in view the interests of all concerned parties viz.
Wage and salary plans should be sufficiently flexible or responsive to changes in internal and external conditions of the organisation. Efforts should be made to ensure that differences in pay for jobs are based on variations in job requirements such as skill, responsibility, efforts and mental and physical requirements.
Wage and salary administration plans must always be consistent with overall organisational plans and programmes. Wage and salary administration plans must be in conformity with the social and economic objectives of the country like attainment of equality in income distribution and controlling inflation etc.
These plans and programmes should be responsive to the changing local and national conditions. Wage and salary plans should expedite and simplify administrative process.
Workers should be associated, as far as possible, in formulation and implementation of wage policy. An adequate database and a proper organisational set up should be developed for compensation determination and administration. The general level of wages and salaries should be reasonably in line with that prevailing in the labour market.
There should be a clearly established procedure for hearing and adjusting wage complaints. This may be integrated with the regular grievance procedure, if it exists. The workers should receive a guaranteed minimum wage to protect them against conditions beyond their control.
Prompt and correct payments to the employees should be ensured and arrears of payment should not accumulate. The wage and salary payments must fulfill a wide variety of human needs including the need for self actualisation. Wage policy and programme should be reviewed and revised periodically in conformity with changing needs.
For revision of wages, a wage committee should always be preferred to the individual judgement, in order to prevent bias of a manager.
Factors Affecting Wage Rate Decisions: The wage payment is an important factor affecting the labour management relations. Workers are very much concerned with the rates of wages as their standard of living is linked to the amount of remuneration they get.
Managements, however, do not come forward to pay higher wages because cost of production goes up and profits decrease to that extent.Essay # 1. Historical Survey of Wage Policy before Independence: Wage policy before Independence, was arbitrary, conventional, customer-based following the traditional agrarian-cum-feudal systems without having any bearing on industrial society and factory system.
Unemployment: Unemployment and Minimum Wage Rate Essay examples. Unemployment is defined of those who are of working age and are actively seeking employment but do not currently have a job. Box and Cox () developed the transformation. Estimation of any Box-Cox parameters is by maximum likelihood.
Box and Cox () offered an example in which the data had the form of survival times but the underlying biological structure was of hazard rates, and the transformation identified this.
This paper documents the sources of data used in the construction of the estimates of the Levy Institute Measure of Economic Wellbeing (LIMEW) for the years , , , , , , , , , , , and Published: Mon, 5 Dec Abstract: The purpose of essay wants to explain Adam Smith’s theories of economic growth contributing to the current economic development through .
Wage differentials have a great economic and social significance for they are directly related to the allocation of the economic resources of a country including manpower, growth of the national income and the pace of economic development.