Pass on Tips of Remuneration Reviews
July 9th, 2008Gone are the days when you could automatically pass on cost increases to your customers through your product selling price. So it is essential that all increases in wages and salaries are justifiable, properly controlled and if possible self- financing.
Account for the total increase in your wages and salaries bill from one year to another
Many companies find that the total wage bill can increase in a year by an amount far greater than the rate increase warrants. It would be wise to find out why there is such a discrepancy. Of course there are plenty of good reasons for wage drift but you should know what they are and then act to control the situation. The additional cost should be analysed into increases in rates, numbers employed, overtime worked, bonus earnings, changes in labour mix etc by age, grade and so on. Read the rest of this entry »
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Posted by arlene
