Wages & salary administration
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Compensation and remuneration include wages, salaries, incentives, fringe benefits, perquisites, and non-monetary benefits. Wage and salary administration establishes compensation policies and practices, covering job evaluation, wage surveys, analyzing organizational issues, developing wage structures, and controlling costs. The objectives are to attract qualified employees, reduce grievances, enhance motivation, and plan labor costs. Wage theories include reinforcement theory, equity theory, agency theory, marginal productivity theory, and surplus value theory to explain how compensation impacts employee performance and behavior.
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The document discusses several topics related to wages and salaries administration including:
1. The definitions of wages, salaries, and compensation.
2. The activities involved in wage and salary administration such as developing pay structures.
3. The importance of studying wage and salary administration to establish fair and balanced pay.
4. The role of human resources in payroll and ensuring proper payment of wages.
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Job evaluation is a technique used to assess the relative worth of jobs within an organization. It involves analyzing job duties, responsibilities, skills required, and working conditions to determine a ranking or grade for each job. This ranking establishes the basis for internal pay structures but does not directly determine pay levels. Job evaluation methods can be analytical, involving point-based assessments of job factors, or non-analytical, such as simple ranking or grading of jobs. The process typically involves job analysis to develop job descriptions and specifications which are then used in the evaluation.
Job enrichment
Job enrichment involves adding more motivators like decision making, planning and controlling powers to make jobs more rewarding. It was first defined by Herzberg and has characteristics like direct feedback, client relationships, and new learning. However, cautions about job enrichment include that it is not a substitute for management, enrichment is relative, and change can be difficult to implement. Socio-technical systems view organizations as people using tools and techniques to create value for customers and stakeholders according to external demands.
Job engineering
Job engineering focuses on designing jobs to clearly define tasks, workflows, performance standards, and responsibilities. It also considers the workplace layout and interactions between employees and machines. Effective job engineering ensures employees understand their roles and have the tools, information, and ability to provide feedback to improve work processes. Job enlargement expands existing jobs by increasing tasks and responsibilities, providing more variety and meaningful work to potentially motivate employees, though it also increases training costs and could initially lower productivity.
Job design
This document discusses five approaches to job design: job rotation, job engineering, job enlargement, job enrichment, and socio-technical systems. Job rotation involves moving employees between different jobs to reduce boredom and allow them to gain new skills. However, it increases training costs and can disrupt work and demotivate employees seeking specialized responsibilities.
Employee health, safety and security
The document discusses employee health, safety, and security in organizations. It states that ensuring employee well-being through health, safety, and security programs is important for organizational functioning. These programs are managed by HR managers and supervisors who are responsible for coordinating training, maintaining safe working conditions, investigating accidents, and communicating safety policies. Key health and safety issues addressed include ergonomics, physical work environments, repetitive stress injuries, and accident prevention through equipment design and individual employee approaches. Legislation governing occupational health and safety in India is also mentioned.
Transfer & promotion
Transfer is defined as a change in job or workplace without affecting pay, position or responsibilities. The main purposes of transfer are to retain employees, recognize achievement, and fill vacancies. There are four types of transfers: replacement, versatility, shift, and remedial. Promotion is defined as an improvement in pay, prestige, position and responsibilities within an organization. The purposes of promotion include motivating higher productivity, attracting and retaining employees, recognizing achievement, and increasing effectiveness. Promotions are categorized as horizontal, vertical, or dry based on the level of increased responsibilities, pay, and prestige.
Selection
Selection is the process of differentiating between job applicants to hire those most likely to succeed. It is important for organizational effectiveness and reducing costs and time spent on recruitment. The six-step selection process includes preliminary interviews, tests, employment interviews, reference checks, decision making, and physical exams, resulting in a job offer or employment contract for the chosen candidate.
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Wages & salary administration
- 1. Compensation /Remuneration Defined as the return received by employees for their contribution to the organisation Components Wages & Salary Wages represents hourly rates of pay/ rate of units produced Salary represents monthly rate of pay Both are subject to annual increments based on - Nature of Job, Merit/Performance, Seniority etc Incentives Referred as payments by results Monetary payments in addition to wages & Salary Classification Individual Incentive Scheme Group Incentive Scheme
- 2. Compensation /Remuneration Cont.. Fringe Benefits Include employee benefits such as: Provident fund Gratuity Insurance Accident Relief Facilities for Canteen Uniform, Recreation Perquisites Applicable to Executives which include Company Car, Club Membership, Paid Holidays, Stock-Option Scheme, Furnished House Etc Non Monetary Benefits Include Job Responsibilities which are challenging, Merit Recognition, Growth Prospects
- 3. Wage & Salary Administration Defined as the establishment and implementation of sound policies and practices of employee compensation Covering Areas Job Evaluation Surveys of Wage and Salaries Analysis of Organisational Problems Development and Maintenance of Wage Structure Establishing rules for administering wages Wage payments incentives Profit Sharing Control of Compensation Costs
- 4. Wage & Salary Administration - Objectives Attracts qualified employees by ensuring adequate payments for all jobs Reduces the likelihood of friction and grievances over wage inequities Enhances employees morale and motivation Helps the employers to systematically plan and control the labour costs Minimize chances of favoritism
- 5. Wage Theories Reinforcement and Expectancy Theory States that Behaviour which has a rewarding experience likely to be repeated ie; Remuneration / Monetary reward followed by high employee performance is likely to be repeated Equity Theory Proposed by Adam Smith States that an employee who sees inequity in rewards seeks to restore equity Emphasises equity in pay structure of employee remuneration `
- 6. Wage Theories Cont.. Agency Theory According to this theory, Employers and employee who are two important stakeholders of a business unit posses divergent interests and goals • Employees expect high remuneration (Agency costs) while employers seeks to minimise it • This theory proposes an idea that employers should choose a better scheme that should take care of the interests of both parties; by framing remuneration structure either as merit pay or outcome oriented
- 7. Wage Theories Cont.. Marginal Productivity Theory Proposed by Philips Henry Wicksteed and John Bates Clark States that Wages depends upon the demand for and supply of labour Residual Claimant Theory Proposed by Francis. A.Walker States that wages represent the value created by labour in the production process
- 8. Wage Theories Cont.. Surplus Value Theory Proposed by Karl Marx States that labour is considered as an article of commerce which can be purchased on payment of price The Price of any product is determined by the time spent by labour on it