After reading this article you will learn about:- 1. Definition of Merit Rating 2. Objectives of Merit Rating 3. Methods 4. Advantages 5. Disadvantages. Definition of Merit Rating: Merit Rating assesses the merit of the person doing the job. Merit rating determines the extent to which an employee meets job requirements. Job evaluation and Merit Rating are two complementary aspects [...]
After reading this article you will learn about:- 1. Introduction to Wage Incentive Plans 2. Requirements of Wage Incentive Plans 3. Objectives 4. Types 5. Drawbacks. Introduction to Wage Incentive Plans: Wage incentive plans reward an employee for his good job-performance. The various aspects of job-performance are: (i) Product Quantity; (ii) Product quality; (iii) Utilisation of materials, plant, tools and [...]
After reading this article you will learn about:- 1. Definition of Profit Sharing 2. Objectives of Profit Sharing 3. Methods 4. Advantages 5. Limitations. Definition of Profit Sharing: Profit sharing schemes may effectively supplement other incentive plans. Profit sharing is a scheme to augment the compensation of workers through the sharing of profits of the company. Profit sharing may be [...]