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    Compensation Management: "The Management of Affairs Concerned With The Payment of Compensation To Employees."

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    Rochelle Antoinette
    This document discusses compensation management and factors that affect wage plans and wage levels. It covers external factors like labor market pay practices and internal factors like job descriptions and evaluations. Key factors in formulating wage levels include legal requirements, productivity, supply of labor, and providing a living wage. Too low of wages can result in poor labor equity and high turnover. The labor market depends on the supply and demand for labor based on the size of the workforce and replacing labor with capital. Wages are significant for both workers and businessmen as they impact levels of living, minimum subsistence, health, and socio-economic structure.

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    Compensation Management: "The Management of Affairs Concerned With The Payment of Compensation To Employees."

    Uploaded by

    Rochelle Antoinette
    36 views10 pages
    This document discusses compensation management and factors that affect wage plans and wage levels. It covers external factors like labor market pay practices and internal factors like job descriptions and evaluations. Key factors in formulating wage levels include legal requirements, productivity, supply of labor, and providing a living wage. Too low of wages can result in poor labor equity and high turnover. The labor market depends on the supply and demand for labor based on the size of the workforce and replacing labor with capital. Wages are significant for both workers and businessmen as they impact levels of living, minimum subsistence, health, and socio-economic structure.

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    Compensation Management

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    This document discusses compensation management and factors that affect wage plans and wage levels. It covers external factors like labor market pay practices and internal factors like job descriptions and evaluations. Key factors in formulating wage levels include legal requirements, productivity, supply of labor, and providing a living wage. Too low of wages can result in poor labor equity and high turnover. The labor market depends on the supply and demand for labor based on the size of the workforce and replacing labor with capital. Wages are significant for both workers and businessmen as they impact levels of living, minimum subsistence, health, and socio-economic structure.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    36 views10 pages

    Compensation Management: "The Management of Affairs Concerned With The Payment of Compensation To Employees."

    Uploaded by

    Rochelle Antoinette
    This document discusses compensation management and factors that affect wage plans and wage levels. It covers external factors like labor market pay practices and internal factors like job descriptions and evaluations. Key factors in formulating wage levels include legal requirements, productivity, supply of labor, and providing a living wage. Too low of wages can result in poor labor equity and high turnover. The labor market depends on the supply and demand for labor based on the size of the workforce and replacing labor with capital. Wages are significant for both workers and businessmen as they impact levels of living, minimum subsistence, health, and socio-economic structure.

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    COMPENSATION MANAGEMENT

    The management of affairs concerned with the payment of compensation to employees.

    Factors to develop wage & salary structure


    a. Formulation and consistent interpretation of policy relating to wage and salary. b. Development and administration of a pay structure. c. Fringe benefits / employee performance appraisal.

    FACTORS AFFECTING WAGE PLANS


    1. External Competitiveness > equitable salary - labor market - local / national pay practices / wage levels - present wage / labor contract - cost-of-living formula 2. Internal Competitiveness - compensation programs for employees - guidelines / policies in wage differences based on job description , evaluation of jobs, jobs grading.

    Factors in formulating wage levels:


    1. 2. 3. 4. Legal requirement Going wage rates Relative strength Company profits / financial ability to pay high wages 5. Productivity of labor 6. Supply of labor 7. Amount required for a living wage cost of living

    If wage policy is one which results to too low wage

    poor labor equity


    high turnover diff. in recruiting workers

    LABOR MARKET
    Supply of labor > No. of workers able and willing to offer their services in a given market at a specified time. FACTORS: Size of labor force Attractiveness of the job Degree of natural skill and ability required Length of training required

    Demand for labor > No. of workers whose services are required in a given market. FACTORS: Labor is a desired demand Marginal productivity of wages Replacing labor with capital

    Wages and their Significance


    *remuneration of labor in production. Kinds of Wages: 1. Time Wage - raid according to the no. of time units of a fixed no. of hours that the employee is at work. 2. Piece Rates - according to the no. of pieces or units produced. 3. Money Wages - purchasing power. 4. Real Wage - the goods the workers can buy with his money wage.

    WAGE SYSTEM - Industrial Revolution - Factory System / Domestic System


    *Private Property - a thing belongs to him who produces it. *Natural Rights Theory

    *Competition and Wages


    to the worker > depends upon the levels of living

    *Significance of Wages
    to the businessman
    1. poverty level 2. min. of subsistence 3. min. health & decency 4. min. of comfort stability

    SOCIAL SIGNIFICANCE OF WAGES *socio-economic structure > people with high income > ordinary workers

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