Introduction: A compensation or rewarding system is devised after careful consideration of various factors which affects both the organisation and employee. Rewarding of performance should be such that productivity gains continue. The system must be established according to the worth of a job. We must keep in mind that although we reward people for their work, we pay a job. [...]
After reading this article you will learn about the roles and qualities of personnel manager. Roles of Personnel Manager: 1. As a specialist: To advise other functional heads on various aspects of HRM. 2. As an Information Source: To provide valuable information about labour market, labour laws and other related areas. 3. As a Charge Agent: To initiate and spearhead [...]
Various methods of remunerating labour are: 1. Time or Day Rate System 2. Straight Piece Work Rate System 3. Time Rate v/s Piece Rate System 4. Incentives and Profit Sharing 5. Bonus System. Method # 1. Time or Day Rate System: This is the most common system found in practice. Under this the worker is paid an hourly, daily, weekly [...]