Category Archives: Human Resource Management

Types of incentive plans

2 types or kinds or methods of incentive plans 1) Individual incentive plan 2) Group incentive plan  1) Individual incentive plan: it may either be time based or production based. Under time based plan a standard time is fixed for … Continue reading

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Incentive wage plans and its importance

Incentive wage plans: Incentive wage plans are popular all over the world and are used for raising productivity. They offer attraction of extra payment for efficiency or more production. The main purpose of incentive plan is to increase the production … Continue reading

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Difference between time wage and piece wage system

In last articles I have discussed the time wage system and piece wage system, let us today discuss the difference between the two: 1) Security: Time wage systems provide a security to the workers as they are assured of their … Continue reading

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Piece wage system

In last article we have discussed the wage system and one of its type that is time wage system Today we will discuss another wage system that is piece wage system. Piece wage system meaning Under the piece wage method … Continue reading

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Methods of wage payment

Wage payment meaning: Wage payment concept is not only important for the employees but also for the employers as they are interesting in paying fewer wages. But paying low wages are not economical as they can prove to be costly … Continue reading

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7 factors affecting compensation

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.

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Compensation and its types

Concept of compensation: Compensation is a wide range of financial and non financial rewards to employees for their services rendered to the organization. It is paid in form of wages, salary, other benefits such as vacations, maternity leave, medical facilities … Continue reading

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Concept of time study

Concept of time study in HRM: Time study is the art of recording the time required to perform a motion or a series of motion. It determines the standard day’s work by finding the amount of time needed by the … Continue reading

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What is motion study

Motion study is a systematic way of determining the best method of doing the work by scrutinizing the motions made by the worker or the machine. As per Gilbreath it is the science of eliminating the wastefulness due to unnecessary … Continue reading

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What is method study

Work study is further classified into method study and work measurement. Method study is a systematic method of analyzing the method of doing a job including human movements involved in it. So it is the process of analyzing the methods … Continue reading

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