Everything you need to know about the the concept of wages in HRM (with minimum wages calculation). Wages may be used to describe one of the several concepts, including wage rates, straight time average hourly earnings, gross average hourly earnings, weekly earnings, weekly take home pay and annual earnings. Money paid to the workers is considered as wages. The wage [...]
After reading this article you will learn about:- 1. Meaning of Division of Labour 2. Advantages of Division of Labour 3. Disadvantages. Meaning of Division of Labour: It means division of work into different part or processes which are performed by one or group of workers according to their ability and aptitude. A good example of division of labour is [...]
Various methods of remunerating labour are: 1. Time or Day Rate System 2. Straight Piece Work Rate System 3. Time Rate v/s Piece Rate System 4. Incentives and Profit Sharing 5. Bonus System. Method # 1. Time or Day Rate System: This is the most common system found in practice. Under this the worker is paid an hourly, daily, weekly [...]