Salary and Wage Administration

Salary and wage administration refers to the methods and policies a company uses to determine how much to pay its employees. This includes setting pay rates, managing payroll, and ensuring fairness and competitiveness in compensation. It aims to attract and retain talent while aligning with the organization's budget and objectives. An effective salary and wage system considers factors like employee performance, industry standards, and economic conditions. Ultimately, it helps ensure that employees are fairly compensated for their work, promoting motivation and job satisfaction.