Remuneration- Influencing factors & challenges

Remuneration- Influencing factors & challenges -...

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Unformatted text preview: Remuneration Internal External Labor Market Cost of Living Labor Unions Government Legislations Society Economy Business Strategy Job Evaluation and Performance Appraisal The Employee Remuneration Influencing Factors External Factors 1. Labor Market Demand and supply Going rate Productivity 1. Cost of Living Rising prices Dearness allowance CPI 3. Labor Unions Non-unionised factories Unionised factories 4. Labor Laws Payment of wages act 1936 Minimum wage act 1948 Payment of bonus act 1965 equal remuneration act 1976 Payment of gratuity act 1972 Companies act 1956 5. Society Ethical and social considerations 6. The Economy Depressed economy Expanding economy Internal Factors 1. Business strategy Achieve rapid growth Maintain and protect current earnings 2. Job evaluation and Performance appraisal 3. The employee Performance Seniority Experience Potential Luck Remuneration plans and business...
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Remuneration- Influencing factors & challenges -...

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