Explain the principles of wage and salary administration
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Wage and salary administration is a collection of practices and procedures used for planning & distributing company wide compensation programs for employees. These practices include employees at all levels and are usually handled by the accounting department of the company.
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The main objective of wage and salary administration is to establish and maintain an equitable wage and salary system. This is so because only a properly developed compensation system enables an employer to attract, obtain, retain and motivate people of required calibre and qualification in his/her organisation. These objectives can be seen in more orderly manner from the point of view of the organisation, its individual employees and collectively. There are outlined and discussed subsequently:
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