Introduction: A compensation or rewarding system is devised after careful consideration of various factors which affects both the organisation and employee. Rewarding of performance should be such that productivity gains continue. The system must be established according to the worth of a job. We must keep in mind that although we reward people for their work, we pay a job. [...]
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 [...]
After reading this article you will learn about the key points for maintenance of human resources. Maintenance function of human resource management is concerned with protecting and promoting the physical and mental health of employees. In order to achieve these objective several types of fringe-benefits such as housing, medical and, educational facilities, conveyance facilities etc. are provided to the employees. [...]