Wages are payments in return for the use of labour.
Compensation
Wage Incentives
Wages are
payments in return for the use of labour.
Wages: Monetary compensation paid to the workers on hourly basis or piece rates.
Salaries:
Monetary compensation paid to the staff like
supervisors, executives etc.,
monthly.
Time wage
rate: Payment made on basis of time
such as hourly, daily, weekly and
monthly.
Real
wages: Real wages represent the goods
and services which can be purchased
from the money obtained from the wages.
Wage payment plans
Two broad classifications are
1. Non-incentive wage plans like tune wage rate
system.
2. Incentive wage plans like piece –rate system.
Incentives
Four
types of incentives:
1. Direct Incentives
2. Indirect Incentives
3. Financial Incentives
4. Semi-Financial Incentives
5. Non-Financial Incentives.
Motivation
Motivation is defined as “an
inducement which inspires a person to harness all his energy and capabilities
and ply the same to the job willingly, in order to achieve the organizational
objectives”.
There are two sets of motivation
i. Positive Motivation – Reward, good pay, recognition, suggestive system, particular, supportive supervision, promotional avenues etc.,
ii. Negative motivation – Reprimand, fines, demotion, lay off, discharge etc., (Not strictly motivation but detractors).
Integration
All the aforesaid themes are to be integrated and one should not work in
isolation. Maintenance
Everything should go on smoothly and there should not be halting or
interruption at any point. Industrial Relations:
The relations between employer and employee through their trade union is
called industrial relations. Good industrial relationship has the following advantages:
1. Reduces industrial disputes.
2. Improves morale of workers.
3. Develops positive attitude among employees.
4. Promotes better amenities, wages and welfare measures.
5. Improves production and productivity.
Industrial Disputes:
“Any dispute or difference
between the employer and employees or between employees and workmen, or between
workmen and workman, which is connected with employment or unemployment or the
terms of employment or with the conditions of labour of any person”.
Tags : Human Resources Management - HRM-Systems Perspective
Last 30 days 311 views