Divided into- 1. Non-Quantitative Method – A job is compared as a whole with other jobs. Ranking or Job Comparison Grading or Job Classification 2. Quantitative Methods – Key factors of the job are selected and measured. Point Rating Factor …
It is the process of analysis and assessment of jobs to ascertain reliably their relative worth using the assessment as the basis for a balanced wage structure. Job evaluation is an orderly and systematic technique of determining the relative worth …
Justice Higgins developed his concept of a living wage as one which should not only provide for food, clothing and shelter but for some frugal comfort of life, good education to children, some amusement and provision for sickness and old-age …
It is the wage that is sufficient to cover the bare physical needs of a worker and his family. Wages defined by Benham – “Wages are a sum of money paid under contract by an employer to a worker for …
Broad Banding is the practice of combining many previously discrete job titles, ranks and pay grades into much wider categories. It is a strategy for salary structures that consolidate a large number of pay grades into a few “broad bands.” …
Under this system, Wages are paid on the basis of the amount of work done or output of a worker. 1 unit of output is considered as one piece and a specific rate of wage is paid per piece. Greater …
Under this system, wages are paid on the basis of time spent on the job irrespective of the amount of work done. Time may – Day, a Week, a fortnight, or a month. Indirect labor is taken into account for …
It is the Pay System/Compensation System. This emphasizes equality and equal pay for all. Levels in the organization are ignored.Â