It is the Pay System/Compensation System. This emphasizes equality and equal pay for all. Levels in the organization are ignored.
Internal Equity It refers to the perceived fairness of the pay structure within a firm. It is the comparison of positions within the business to ensure fair pay External …
It is also known as Wages and Salary Administration. Under this administration of employee compensation is done. It involves the formulation and implementation of policies and programs relating to wages, …
It is the practice wherein employees take up part-time jobs or business simultaneously with their original jobs. Employees resort to moonlighting in order to supplement their income. Blue Moonlighting- When …
Various benefits in addition to salaries, wages, allowance, and bonus given by the employer to the employee are considered as fringe benefits. The most common fringe benefits are retirement contributions, …
It is the group incentive plan. It is the plan wide scheme designed to involve workers in making suggestions for reducing the cost of operations and improving work methods by …
It is the group incentive plan. The objective of this plan is to encourage cost reduction by foreman and workers. Bonus is paid upon a reduction in Labour Cost alone. …
It is the group incentive plan. Under this plan, a standard production is fixed for the entire factory for a particular period in consultation with workers. The actual production is …
It is the individual wage incentive output based plan. It is developed by Henry L. Gantt. Under this plan, the standard time for every task is fixed through time and …
