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Wage and Salary Administration Objectives

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Wage and Salary Administration Objectives

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Questions and Answers

What is one of the primary objectives of wage and salary administration?

To increase the number of hires

To reduce payroll costs (correct)

To minimize employee turnover rates

To motivate top talented employees (correct)

How do competitive salaries impact skilled workers?

They encourage job-hopping.

They create a sense of complacency.

They reduce competition among employees.

They attract high-caliber professionals. (correct)

What motivates skilled workers to strive for excellence in their roles?

Lack of job security

Pressure from management

Merit-based increases and company profit sharing (correct)

Non-monetary recognition

What role do bonuses tied to company success metrics play in wage administration?

<p>They incentivize exceptional performance.</p> Signup and view all the answers

Which of the following is NOT a benefit of offering competitive salary packages?

<p>Diminishing overall workforce morale</p> Signup and view all the answers

Study Notes

Wage and Salary Administration Objectives

Aims to motivate talented employees through competitive compensation packages.
Competitive salaries serve as a key factor in attracting skilled professionals.

Importance of Competitive Salaries

High-caliber professionals are incentivized to deliver optimal performance.
Fair reward systems enhance employee motivation and job satisfaction.

Merit-Based Incentives

Merit-based increases and bonuses are effective in encouraging exceptional performance.
Tying rewards to company success metrics fosters a culture of excellence within the organization.

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Description

This quiz explores the objectives of wage and salary administration, emphasizing the importance of competitive salaries in attracting and retaining skilled employees. Additionally, it discusses the role of merit-based incentives in enhancing performance and motivation within organizations.