Remuneration’ in other terms also called as ‘Employee Compensation’ which an employee receives in return for his or her contribution to the organization.
Objectives Of Employee Remuneration
━Attract capable employees to the organization.
━Motivate them toward superior performance.
━Retainment of their services over an extended period of time.
Factors Determining Pay rates
Internal factor, External factor and Pay rates
External Factors:
-Demand – Supply
-Cost of living
-Bargaining power of unions
-Labor rates
-Condition of product market
-Comparative wage
-Government policy
-Society
Other Individual Differences
-Worker’s Capacity and Age
-Educational qualification
-Work experience
-Promotion possibilities
-Stability of employment
-Demand for product
-Hazards involved in work etc.
Classification of Remuneration
Direct Remuneration
Salary :
- Fixed compensation for services, paid to a employee on a regular basis.
- Many salaries also include such employee benefits as health and life insurance, savings plans, etc.
Wages :
- Payment for labor or services to a worker, especially remuneration on an hourly, daily, or weekly basis or
by the piece.
- Wages are paid on the basis of Minimum Wages Act, 1948 and Fair wage.
Financial Incentives
-Salary
-Wages
-Bonus
Non-financial Incentives
-Job Security
-Recognition
-Participation
-Pride in Job
-Delegation of Responsibility
-Quick Promotion
-Facilities for Development
-Labor Welfare Amenities
Non-financial Remuneration
-Challenging job
-Responsibilities
-Recognition
-Growth prospect
-Supervision
-Job Sharing
-Congenial working condition
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