To ensure a fair pay policy in our organization – we must align pay for a given role with the market value of that job by adhering to the best benchmarking practices. The requirement of specific skills for certain jobs and the performance of individuals at jobs being performed by them should also be taken into consideration. According to Fayol, wage rates and method of their payment should be fair, proper, and satisfactory. Fair remuneration increases workers’ efficiency and boosts their morale. Fair remuneration practices in any organization also play a crucial role in improving relations between employees and the management.
Here’s what Franklin D. Roosevelt, the 32nd President of the United States, has to say:
WHAT DO YOU THINK?
Let me know in the comments section.
In this ongoing series #GreatMinds on my blog, I am shining a spotlight on the important ideas that some very successful people keep talking about in their public life.