After reading this article you will learn about:- 1. Definition of Profit Sharing 2. Objectives of Profit Sharing 3. Methods 4. Advantages 5. Limitations. Definition of Profit Sharing: Profit sharing schemes may effectively supplement other incentive plans. Profit sharing is a scheme to augment the compensation of workers through the sharing of profits of the company. Profit sharing may be [...]
The various commonly used methods or systems of job evaluation are: 1. Ranking Method 2. Classification or Grading Method 3. Factor Comparison Method 4. Point Method. 1. Ranking Method: The different jobs, depending upon their requirements, responsibilities involved and their importance to the organisation, are ranked, graded or placed from top to bottom. Advantages: (a) The method is simple and [...]
After reading this article you will learn about the organisation of personnel department. Organisation structure describes formal relationship. Personnel manager as the head of the personnel department exercises line authority over his own staff but in relation to other departments he is a staff expert expected to provide advice information on personnel matters. The internal organisation structure of Personnel department [...]