Wage and Salary Administration
Introduction Wages constitute the major factor in the economic and social life of any community in an economic sense; wages represent payment of compensation in return for work done. In a sociological sense, wages characterize stratification of occupational categories. In a psychological sense, wages satisfy need directly and indirectly in response to changing employee aspiration. A brief description of these obligations is as follows: 1. Salary Structure: Salary structure of an organisation comprises its salary grades (or ranges) and its salary levels for a single job or group of jobs. It is the job evaluation that plays an important role in designing a salary structure into which all the jobs of an organisation can be appropriately graded based on their relative worth. While designing a salary structure, it is essential to provide for internal equity as well as maintaining competitive rates of pay. A salary structure can be either of the following or even a combination of both....