Factors influencing compensation administration
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Factors affecting wages or compensation or determinants of wages or compensation:
1) Productivity of workers: to get the best results from the employees and to increase the productivity compensation has to be productivity based.
2) Ability to pay: it depends upon the employer's ability to pay wages to the workers.
1) Productivity of workers: to get the best results from the employees and to increase the productivity compensation has to be productivity based.
2) Ability to pay: it depends upon the employer's ability to pay wages to the workers.
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Explanation:
(i) Labour Unions
(ii) Personal perception of wage
(ii) Personal perception of wage(iii) Cost of living
(ii) Personal perception of wage(iii) Cost of living(iv) Government legislation
(ii) Personal perception of wage(iii) Cost of living(iv) Government legislation(v) Ability to pay
(vi) Supply and demand
(vii) Productivity
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