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COMPENSATION AND ADMINISTRATION
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This wage theory was developed by Francis Walker which depicts that wages are claims made after deducting rent, interest, and profits from the total product.
Residual Claimant Theory
It is a component of compensation which helps in determining entry pay and incremental increases during performance evaluation or promotion
Pay Structure
It is a concept that makes compensation as a from of motivation for employees to be more productive on the job.
Psychological Concept
It is believed to be the theory where the minimum wage originated.
Subsistence Theory
It is the term used to indicate the quantity of labor supply
Labor Market
It is the payment for work rendered based on the number of hours worked multiplied by the employee's hourly rate
Wage
This is the sector with the highest employment percentage.
Services
It is always necessary for the organization's salaries to conform to the industry players.
MARKET RATE
It is an organization's capability to provide competitive salaries and benefits by giving utmost attention to job grades, competencies, employee performance, and positions.
INTERNAL EQUITY
JEP stands for?
JOB EVALUATION PROCESS
JD stands for?
JOB DESCRIPTION
NLRB stands for?
NATIONAL LABOR RELATIONS BOARD
NEO stands for?
NEW EMPLOYEE ORIENTATION
LWOP stands for?
LEAVE WITOUT PAY
POEA stands for?
PHILIPPINE OVERSEAS EMPLOYMENT ADMINISTRATION
NWPC stands for?
NATIONAL WAGE AND PRODUCTIVITY COMISSION
Refers to the process of obtaining the current pays of employers for different jobs which are eventually used to establish pay rates for an organization.
MARKET RATE ANALYSIS
It is the highest paying jobs for fresh graduates.
LAW/LEGAL SERVICES
Defined as the process of determining all the information specific to a particular job.
JOB ANALYSIS
It is referred to as the written summary of all the duties and responsibilities of a particular job position.
JOB DESCRIPTION
This is a major dilemma among managers is to consider employee contribution to performance as a factor of pay.
EMPLOYEE CONTRIBUTION
One of the challenges of managers is to make the employees happy with their pay.
INTERNAL ALIGNMENT
Aligning pay with competitors calculate the risk of being competitive
EXTERNAL COMPETITIVENESS
Refers to nonmonetary aspects of compensation
INDIRECT COMPENSATION
It can be in the form of a salary or wage.
DIRECT COMPENSATION
These are indirect rewards which may either be government-mandated or voluntarily given by the employer.
BENEFITS
It is the pay linked to actual accomplishment in performance such as bonuses or incentives based on a target sales quota or target productivity. Incentives can be provided for all employees regardless of rank.
VARIABLE PAY
It is the basic pay given to the employee for the actual work rendered usually in the form of salary or wage.
BASE PAY
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