Professional Documents
Culture Documents
Learning Objectives
Differentiate between “wages” and “salaries”
Objectives of compensation
Describe the factors of compensation estimates
Identify and correctly describe the compensation
structure
Issues in wage determination and administration
Incentive compensation
Definition of Concept
Wages Salary
- The payment, usually - Is usually paid for
of money for labor or services requiring
services
special training or
- The money usually abilities, in fixed
paid on hourly, daily or
amount, and for a
piece rate basis for
chiefly physical work longer period of
time, especially by
month
Definition of Concept
Wage and salary
administration
People-Based
Pay
Credential- Competency-
Based Pay Based Pay
Feedback
Pay
Skill-Based Pay Knowledge-based Credential-based Feedback Pay Competency-
Pay Pay Based Pay