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    Other Objectives of Compensation

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    nimeshvadhel
    This document discusses the objectives, principles, theories, and types of compensation and wage determination. Some key objectives are to get qualified workers, reward desirable behavior, and control costs while observing legal regulations. Principles of compensation formulation include external relativities, salary determination, and individual value. Theories of wage determination discussed include traditional, negotiated, subsistence, marginal productivity, and bargaining theories. Types of wages mentioned include minimum rate of wages along with procedures for fixing, revising, and paying minimum wages.

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    Other Objectives of Compensation

    Uploaded by

    nimeshvadhel
    4 views5 pages
    This document discusses the objectives, principles, theories, and types of compensation and wage determination. Some key objectives are to get qualified workers, reward desirable behavior, and control costs while observing legal regulations. Principles of compensation formulation include external relativities, salary determination, and individual value. Theories of wage determination discussed include traditional, negotiated, subsistence, marginal productivity, and bargaining theories. Types of wages mentioned include minimum rate of wages along with procedures for fixing, revising, and paying minimum wages.

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    This document discusses the objectives, principles, theories, and types of compensation and wage determination. Some key objectives are to get qualified workers, reward desirable behavior, and control costs while observing legal regulations. Principles of compensation formulation include external relativities, salary determination, and individual value. Theories of wage determination discussed include traditional, negotiated, subsistence, marginal productivity, and bargaining theories. Types of wages mentioned include minimum rate of wages along with procedures for fixing, revising, and paying minimum wages.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    4 views5 pages

    Other Objectives of Compensation

    Uploaded by

    nimeshvadhel
    This document discusses the objectives, principles, theories, and types of compensation and wage determination. Some key objectives are to get qualified workers, reward desirable behavior, and control costs while observing legal regulations. Principles of compensation formulation include external relativities, salary determination, and individual value. Theories of wage determination discussed include traditional, negotiated, subsistence, marginal productivity, and bargaining theories. Types of wages mentioned include minimum rate of wages along with procedures for fixing, revising, and paying minimum wages.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 5

    Other objectives of compensation

    • Get qualified workers


    • Save current employees
    • Reward desirable(attractive) behaviour
    • Control cost
    • Observe with legal regulation
    • Make easy understanding
    • Additional administrative effectivenessds
    Principles of compensation
    formulation
    • External relativities
    • Salary
    • Individual value
    • Determination of wage rate
    – Economic around word
    – Wage rate
    – Supply
    – Demand
    – Certain kind of labour
    • Economic rent
    • Opportunity cost
    Theory of wage determination
    • Traditional theory of wage determination
    • Theory of negotiated wages
    • Principles of compensation determination
    – Subsistence(life) theory
    – Wage fund theory
    – Surplus(over) value theory
    – Residual(outstanding) claimant theory
    – Marginal productivity theory
    – Bargaining theory of wages
    – Behavioral theory of wages
    • The employee’s acceptance of a wage level
    • The internal wage structure
    Types of wages
    • Minimum rate of wages
    • Procedure for fixing and revising minimum
    wages - central advisory board
    • Wages in kind - official gazette
    • Payment of minimume rate of wa

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