Professional Documents
Culture Documents
Compensation Philosophy
Some employers are committed to a philosophy of paying their
employees above industry or area standards in order to attract
and retain the very best pool of skilled workers available. Others
pay at the 50th percentile; still others pay as little as they can.
Size of the Organization. Large organizations can often pay at a
higher wage rate than smaller ones.
WAGES
Minimum Wages
These are the wages that ensure more than just adequate
sustenance, these ensure certain medical & other essential
requirements of individuals catered to ensure:-
FAIR WAGES
These are fixed on the basis of: -
1. Productivity of Labour
The upper limit is fixed on the basis of the above factors and ensures
minimum wages.
Wage Policy
Wage policy deals with remuneration of work rendered by
employees in any organization. Wages are that compensation
given to employees done for work in return. Wages are given to
the worker (blue color) who are the shop floor employees and
salaries are given to executive cadre (white color) according to
Public Policy, a good wage policy should look into the following:
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