Wages and Salaries
Wages and Salaries
An extensive review of the literature indicates that important work- related variables leading to job satisfaction include challenging work, interesting job assignments, equitable rewards, competent supervision, and rewarding careers. It is doubtful, however, whether many employees would continue working were it not for the money they earn. Employees desire compensation systems that they perceive as being fair and commensurate with their skills and expectations. Pay, therefore, is a major consideration in human resource management because it provides employees with a tangible reward for their services (Bohlander, Snell, and Sherman, 2001). Stone (1982) indicated that people are motivated by money for many different reasons. The need to provide the basic necessities of life motivates most people. Some people think of money as instrumental to satisfying non-economic needs such as power, status and affiliations with desired groups. Money is often viewed as a symbol of personal success and achievement. Many factors affect how wages and salaries are set. The factors depend on area of living, the labor market, minimum wages and other governmental regulations, the cost of living, the ability of the employer to pay, the worth of the job and the presence of a collective bargaining agreement. Pay rates can be adjusted to help employees cope with their living situations (Drummond, 1990).
Fringe Benefits
Fringe benefits are a complement to wages of workplace compensation. The fringe benefits for the workers in hospitality organizations help the operation by having a positive, motivating work climate, increases in productivity, sales, profitability, excellent quality and cost control. Money is an important factor to motivate employees but today, fringe benefits become equal to money as an important role to motivate employees. So an essential part of learning to lead managers is to understand better the conditions which an employee needs the most to
An extensive review of the literature indicates that important work- related variables leading to job satisfaction include challenging work, interesting job assignments, equitable rewards, competent supervision, and rewarding careers. It is doubtful, however, whether many employees would continue working were it not for the money they earn. Employees desire compensation systems that they perceive as being fair and commensurate with their skills and expectations. Pay, therefore, is a major consideration in human resource management because it provides employees with a tangible reward for their services (Bohlander, Snell, and Sherman, 2001). Stone (1982) indicated that people are motivated by money for many different reasons. The need to provide the basic necessities of life motivates most people. Some people think of money as instrumental to satisfying non-economic needs such as power, status and affiliations with desired groups. Money is often viewed as a symbol of personal success and achievement. Many factors affect how wages and salaries are set. The factors depend on area of living, the labor market, minimum wages and other governmental regulations, the cost of living, the ability of the employer to pay, the worth of the job and the presence of a collective bargaining agreement. Pay rates can be adjusted to help employees cope with their living situations (Drummond, 1990).
Fringe Benefits
Fringe benefits are a complement to wages of workplace compensation. The fringe benefits for the workers in hospitality organizations help the operation by having a positive, motivating work climate, increases in productivity, sales, profitability, excellent quality and cost control. Money is an important factor to motivate employees but today, fringe benefits become equal to money as an important role to motivate employees. So an essential part of learning to lead managers is to understand better the conditions which an employee needs the most to