What is Incentives ? Incentives are the monetary benefits which are paid to workers as a reward of their excellent performance. Incentives are also known as payments by results. Incentives are different from wage and in the sense that they differ for every individual based on his performance; while wage and salary is fixed, irrespective … Read more
What is Wage Boards ? Wage Boards have a long history in the Indian industrial relations systems. As early as 1931 the Royal Commission on Labour recommended the setting-up of Wage Boards for determination of wages. It was envisaged in the First Five Year Plan that permanent. Wage Boards with a tripartite composition should be … Read more
What is Voluntary Retirement Scheme ? Voluntary Retirement Scheme (VRS) can be defined as a method used to reduce the present workforce of the company. In this method, the employee is persuaded to voluntarily retire from the organization. It is also called as “Golden Handshake“. Generally, the employees who have attained the age of 40 are … Read more
What is Compensation Management ? Earlier, compensation management was limited up to designing, maintaining and sustaining a pay structure, but in present era the term compensation management is composed of a number of activities pertaining to job evaluation, market rate analysis, job analysis, pay structure design and maintenance, etc. In a nutshell compensation management refers … Read more
What is Retirement ? Retirement is the process of separation of employees from the organisation when they have reached at a predetermined age. The predetermined age in organisations is usually 58-60 years. When an employee attains this age, he is discharged from rendering his services to the organisation. It is the sole responsibility of an … Read more
What is Reward System ? Reward system refers to the procedures, rules, and standards associated with allocation of benefits and compensation to employees. Reward system in the context of performance management is defined as an. integrated system that ensures equitable avenues to employees for fulfillment of their financial and non financial needs and recognition urge … Read more
What is Executive Compensation ? Executives hold the top most position in the company, and it is obvious that the compensation package or the remuneration earned by them is comparatively higher than the other employees of the company. These executives mainly comprise of high grade managers and CEO of the enterprise. In simple words, executive compensation is the … Read more
What is Wage ? A wage is the payment made to the workman for his services to the organization. Wage is differentiated from the salary on the basis of “how the organization computes an employee’s compensation”. Wages (Wage) are generally paid hourly to blue-collar workers such as production and maintenance workers while salary is a … Read more
What is Compensation ? Compensation is an indispensable and most desirable part in every worker’s life. It can be defined as the sum of money that an employer pays to an employee for providing his services to the organisation. Compensation determines the lifestyle of employee in the society, his dedication towards the organisation and his … Read more