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
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 Equity It refers to the perceived fairness of pay relative …
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, salaries, and other forms of employee compensation. It includes job …
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 an employee needs a second job for additional income but …
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, employee stock options, education assistance, tuition reimbursement, paid time off, …
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 showing the gains of increased productivity. Under this plan, a …