Ingredients wage plan should contain

Question

Which ingredients wage plan should contain?

Answer 1

The plan should act as an incentive to improve the efficiency, and it should attract the worker wherever demanded or needed. Whatever may be the method of wage payment but the wage plan should contain following ingredients:

1 It should be simple and understandable

2 It should be capable of easy computation

3 It should be capable of motivating the employees

4 It should be attractive enough for new talent in the organization.

5 It should be fair, just and stable to all the employees.