basic factors to determining pay rates 1.
Prevailing Market Rates 4. • … Presented to: Sir Ahmed Tasman Pasha Presented By: Sana Rao Roll no.09-29 Basic Factors In Determining Pay Rates 2.
Bargaining of Trade Unions 6. Ability to Pay 2. Establishing Pay Rates (cont’d) Step 2: Job Evaluation • A systematic comparison done in order to determine the worth of one job relative to another. Cost of Training. The wage payment is an important factor influencing labour and management relations. The factors determining the design of any pay plan include legal, union, company strategy/policy, and equity. A. There are no pay raises or bonuses regardless of increased education, experience, performance, and/or tenure.
Salary range is also affected by additional demographic and market factors. Government Regulations 8. Cost of Living 5. • Compensable factor: A fundamental, compensable element of a job, such as skills, effort, responsibility, and working conditions. Basic Factors in Determining Pay Rates Employee compensation – refers to all forms of pay or rewards going to employees, which include direct financial payments and indirect payments.
Indirect payments include financial benefits, like employer-paid insurance and vacations. In establishing strategic pay plans, managers first need to understand some basic factors in determining pay rates. Direct financial payments include wages, salaries, incentives, commissions, and bonuses.
Employee compensation includes both direct financial payments and indirect financial statements. These factors include the number of people available to perform a specific job in the employer’s region, competition for employees with the needed skills and education, and the availability of jobs. ADVERTISEMENTS: The eight factors influencing the determination of wage rates are as follows: 1. Demand and Supply 3.
Not only is money a touchy subject, but so many factors play into determining compensation rates that are both fair and competitive. I.
Productivity 7.
Determining the “right” compensation can be tricky. The 5 Biggest Factors That Affect Your Credit What Counts Toward Your Score Your credit score shows whether or not you have a history of financial stability and responsible credit management . Here, Silva discusses the factors that influence compensation rates the most: 1.
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