sam484290
Dear learned members,
Very Good afternoon,

I am IR person, handling IR practices in an industry, i want to understand the fundamentals , process of wages settlement in industry,
I want to know what are the steps , process , procedure to understand the wages settlement in industry.

If Any body have knowledge of any book or general available for understanding and learn the "Long term wages settlement".

Please let me know the name of book or any which from which I want learn .

Thanks in advance.

From India, Indore
raghunath_bv
149

Hi Sam,

Understanding wages settlement in an industry involves several key steps and processes. Here's a general overview of the fundamental steps in the wages settlement process:

Job Analysis and Evaluation:

Identify and analyze different job roles within the organization.
Evaluate jobs based on factors like skill requirements, responsibilities, and working conditions.


Market Research:
Conduct market research to understand industry standards and benchmark salaries for similar roles.
Consider regional variations, industry trends, and economic factors.

Formulation of Pay Structure:
Develop a pay structure that aligns with the organization's overall compensation strategy.
Consider factors such as base pay, bonuses, incentives, and benefits.

Employee Input and Communication:
Gather input from employees through surveys or feedback sessions.
Communicate the proposed pay structure and any changes transparently to employees.

Negotiation and Bargaining:
Engage in negotiations with relevant stakeholders, such as labor unions or employee representatives.
Bargain on key terms, including wage levels, benefits, and working conditions.

Agreement Drafting:
Draft a formal agreement or contract outlining the terms of the wage settlement.
Clearly define components like salary increases, bonus structures, and any other relevant details.

Legal Compliance:
Ensure that the proposed settlement complies with relevant labor laws and regulations.
Consult legal experts to review and validate the agreement.

Employee Ratification:
Present the proposed settlement to employees for ratification.
Address any concerns or questions raised by employees during this process.

Implementation:
Implement the finalized wage settlement, updating payroll systems and records accordingly.
Communicate the changes to all employees and relevant departments.

Monitoring and Review:
Regularly monitor the effectiveness of the wage settlement.
Conduct periodic reviews to assess whether the settlement aligns with organizational goals and market conditions.
As for recommended books on understanding long-term wages settlement, here are a few that may be useful:

"Wage and Salary Administration" by Richard I. Henderson and Richard D. Henderson:

This book provides a comprehensive overview of wage and salary administration, including the principles and practices involved.
"Compensation" by Milkovich, Newman, and Gerhart:

This book covers various aspects of compensation, including strategic perspectives and practical applications.
"The New HR Leader's First 100 Days" by Alan Collins:

While not specifically focused on wages settlement, this book provides insights into effective HR leadership, which can be valuable in the context of managing compensation. to check the latest editions of these books, as updates may have occurred since my knowledge cutoff date in January 2022. Additionally, consider consulting relevant local labor laws and seeking advice from HR professionals or legal experts in your specific industry and region.

Thanks,

From India, Bangalore
subbumsw
1

Wage Settlement/ Collective bargaining - It means bargaining in good fait, it is a process between an org. Mgt. and a trade Union represtatives for negotiating wages, working hours, working conditions & other matters of mutual interest.

* To the Mgt, this process presents one set of people to negosiate with
* To the employees, it gives greatly enchanced bargaining power

Collective bargaining is the fundamental principal on which he IR system is based in practice.

Process involves : Mgt - Collection of relavent data from related Industry, Data study, Managment Proposal, taking the mandate from the Mgt and thereafter begin the negotiation, etc,
Union : Charter of demands, etc

From India, Mysore
sam484290
Subbumsw and Raghunath_bv Thank you for your valuable input sir

Still I am figuring out the book on " Long tern Settlement in India industries " , just like I refereed HL Kumar books most of time for updating ourselves for compliance's and other labor laws .

Can you suggest any Specific book by Indian writer (considered Indian market in a mindset) ??

From India, Indore
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