Rationalising Wages - HRM’s Comfort
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R ation alisin g W ages - H R M ’s C om fort
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A motivated employee team is an asset to an organization or a company. Its fortunes largely rest on the level of performance of its employees. The level of performance stems from the satisfaction level of the employees.
Transcript of Rationalising Wages - HRM’s Comfort
Rationalising Wages -HRM’s Comfort
A motivated employee team is an asset toan organisation or a company. Its fortuneslargely rest on the level of performance ofits employee
The level of performance stems from thesatisfaction level of the employees.
Employees act charged and motivated if theyare adequately compensated and nourished interms of wage, perks, honour and security.
The attrition statistics has increased manifoldin recent times. And the reasons for themalaise are perhaps not probed by the sundrycompanies.
The main reason behind the growing attrition ratecan be attributed to employees'grouse against wagereceipts in the present employment.
Employees performance and motivation are the critical aspects for the success of a company. Rewards and remunerations act as fuel to keep the flame ignited
It now falls upon the HRM team to safeguard company's interests and tide over the exodus of skilled manpower by rationalising the wage structure in the industry.
A fair and equitable pay-structure that is rewarding and inspiring, and would not incite envy amongst colleagues should form the basis of wage policy. Special awards and incentives to outstanding performers should also be instituted.
Rationalisation is the process of implementingcompensation system that fairly treats and recognizesall employees regardless of their status within theorganization. It assures matching remuneration withthe contribution made, particularly when jobpriorities demand a shift.
A healthy wage policy requires that employees should receive monetary compensation for the contribution they make, and the positions of equal value should carry equal compensation. The process automates efficiency, competition and a hassle free HRM.
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