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 …
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. A standard labor cost per unit for a particular period …
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 motion study. A minimum time wage is guaranteed to all …
It is the individual wage incentive output based plan. Plan succeed the Taylor’s Plan thus overcome the drawback of Taylor’s Plan. Drawback is a frequent change in piece rate. Under this plan, three graded piece rate is prescribed – Worker’s …