Compensation Management

This document discusses key concepts related to wages and compensation management. It defines wages, salaries and earnings and outlines the objectives of compensation programs such as maintaining equity and creating skilled workforces. It also examines factors that influence wage determination like ability to pay, demand and supply, prevailing market rates and cost of living. Methods of wage payment like time rates, piece rates and incentive plans are covered. The importance of wages and salary administration for attracting employees and ensuring satisfaction is also discussed.