Wages and salary PPT
- 2. Developmentof A PaySystem Review of JobDescription Conduct JobEvaluation PayStructure Gather WageSurvey Information Administer IndividualPay Adjustments Monitor & Upgrade PaySystem
- 4. FactorsAffectingWage/SalaryLevels • Remuneration in comparableindustries • Firm’s ability to pay • Relating to priceindex • Productivity • Costof Living • Union Pressures & Strategies • Government Legislations
- 5. WAGES & SALARYADMINISTRATION DEFINITIONWAGES& SALARY • Basewagesand salaries are defined asthe hourly, weekly and monthly pay thatemployees receive for their work inan Organization. • Canterm it ascompensationmanagement. • Thus,Wage &SalaryAdministration is the group of activities involved inthe development, implementation& maintenanceof a paysystem.
- 6. DifferenceinWages,Salary& CompensationTerms WAGES Paidto BLUECollared OnDaily, weekly, Monthly Canbe measured in terms of money SALARY Paidto WHITEcollared Employees Paidat specified Intervals Paidto Employeeswhose contribution cannot be measured COMPENSATION Comparative Form All Basic, grossamount , allowances + Benefits
- 7. Principles Governing Compensation Administration Maintaining Equity Maintaining Competitiveness Matching Employee Expectations Reinforcing positive employeebehavior Eliminating anydiscrepancy Optimization of management andemployee interests Maintaining good IRand harmony
- 8. PurposeofWage&Salary Attracting talented resources Retaining and motivating employees Financial Management LegalRequirements
- 11. TypesofIncentivePlans • SHORTTERMPLANS: HalseyPlan, Rowan,Barth, Point Rating System, ProgressiveBonus • LONGTERMPLANS: Annual Bonus, Profit Sharing Direct Compensation (BasePay,Incentives) Indirect (Benefits) TOTAL COMPENSATION
- 12. Concepts of DifferentWagesMINIMUM WAGES: Minimum amount of remuneration paid to workes. Under Minimum WagesAct1948. FAIRWAGES: Workers performing work of equal skills, difficulty orunpleasantness should receive equal or fairwages Match the prevailing wagerates LIVING WAGES: Living wages should enable the male earner to provide for himself and his family, not only the bare essentials of food, clothing and shelter, but also a measure of frugal comfortincluding: Education for the children , Protection against ill-health,Requirements of essential social needs, AMeasure of insurance against the more important misfortunes including oldage
- 13. WageBoards/PayCommissions WagePolicies are formulated by following Institutions in India 1. Collective Bargaining & Adjudication 2. WageBoards 3. PayCommissions
- 14. Reports &Documentation • Salaryand Payroll Processing • Statutory PayrollReports LeaveManagement EmployeeSelfService PayrollReconciliation Tools Reimbursements & Loans PayrollProcessors & Outsourcers • Arrears& final settlement Headcount summary • PayrollJournalVoucher Payslips(print / PDF/ email • / online) • SalaryStatements Dynamicreport writer tool PF& ESIreports (monthly, annual) • Monthly Profession Taxreports • Incometax statement Form 16PDFs
- 17. Trainings • Thisprogram focuses on building abroad understanding of compensation, and covers: • HR’srole incompensation • Components of total compensation • Lawsand regulations affecting compensation programs • Independent contractors • Indirect compensation (benefits) programs • Legally required programs
- 18. • Who ShouldAttend? • Thisfundamental program is designed for HR practitioners just entering the field, established HR employees with little or no formal training, other employees who have responsibilities that fall under the HRumbrella, and business owners and managers without HRdepartments.