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Human resource management plays a vitol role in every industry - Essay Example

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Introduction: Human resource management plays a vitol role in every industry. The prime object of any industry is to maximumise the profits. The modern industrial world is more competetive. The profit is the difference between the selling price and the cost price…
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Human resource management plays a vitol role in every industry
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Download file to see previous pages If at all there will be a marginal diference but not much. But the cost of human services is the most important cost, which requires an expertise management. It is Human Resource Mangement which manages the Human resources including the payments methods. The growth of industry largely depends up on the Human Resource Management. The cost of human services in an industry means and includes the payments made to the employees of an industry at factory, which is included in manufacturing cost, payments made to the employees in Shops which is included in selling and distribution over heads, payments made to the employees in offices which is included in administrative over heads. To maintain the balance between the quality, quantity and the cost of services the Human Resource Management shall plan and design suitable rewards to the employees by adopting an appropriate payment systems in these three sectors of industry say factory, shop and office.
The rewards through payment systems are broadly classified into four major kinds such as 1.Performance related pay, 2.Competency Based Pay 3. Contribution pay, 4.Variable pay. Each system is suitable to the different sectors of the industry according their character. Adoption of ideal payment system enriches the industry. The ideal or appropriate systems of payments and the benefits which the employer to adopt for his employees are discussed below:
Piecework Payment system is more appropriate system of p...
The labor cost of production is directly related to the workers engaged on the machines. By introducing this method of reward worker motivation will be enhanced. The worker will endeavor to produce more by exerting their skills. The more production will result in reduction of marginal labour cost. This system is based on the principle of more pay for more production, this will lead to variation in wages among the same class of workers, but still they accept the variation since they know that the variation is connected with their rate of production and it will motivate the other idle workers to improve their productivity. This system gives an opportunity to utilize their skills to the optimum level and earn more money there by improving the standard of living. By paying more pay for more production the workers satisfaction on the equity is achieved and the marginal cost of labour is reduced. By this way both worker and the industry is benefited. Some writers argue that this system leads to low quality of production. Their argument is based on the fact that workers are inclined to more production and neglect the quality of the products. But the organization can overcome this defect by improving the quality control system and imposing a minor and moderate penalties for the low quality products.
PBR method is most approprite for the following reasons:-
1. It provides greater freedom for employees with less supervision.
2. Employees take initiative for high level production.
3. It gives opportunity to the employees to achieve high earnings.
4. It benefits the employees with high level earnings and benefits the Organization/Industry with high level production reducing marginal labour cost, there by increaing ...Download file to see next pagesRead More
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