Wage and Salary Administration
Wage and salary administration affect levels of employee commitment to the organisation. However, fascinating the individual’s job assignment is, the employee must be paid. Pay affects the way people work-how much and how well. A large part of the compensation that people receive from work is monetary. Although managers are expected to conserve money and distribute it wisely, many employees feel that they should get more of it for what they do. Wages, salaries and many employee benefits and services are form of compensation.
Administration of employee compensation is called wage and salary administration. According to D.S. Beach “Wage and Salary Administration refers to the establishment and implementation of sound policies and practices of employee compensation.… Read the rest