Dear learned members, very good afternoon. I am an IR person handling IR practices in an industry. I want to understand the fundamentals and process of wage settlement in the industry. I am interested in knowing the steps, processes, and procedures involved in understanding wage settlement in the industry.
If anybody has knowledge of any book or general information available for understanding and learning about "Long-term wage settlement," please let me know the name of the book or any other resource from which I can learn.
Thanks in advance.
From India, Indore
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If anybody has knowledge of any book or general information available for understanding and learning about "Long-term wage settlement," please let me know the name of the book or any other resource from which I can learn.
Thanks in advance.
From India, Indore
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Hi Sam,
Understanding Wage Settlements in an Industry
Understanding wage settlements in an industry involves several key steps and processes. Here's a general overview of the fundamental steps in the wage 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.
Recommended Books on Understanding Long-term Wage Settlements
As for recommended books on understanding long-term wage settlements, 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 wage settlements, this book provides insights into effective HR leadership, which can be valuable in the context of managing compensation.
Please 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
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202Understanding Wage Settlements in an Industry
Understanding wage settlements in an industry involves several key steps and processes. Here's a general overview of the fundamental steps in the wage 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.
Recommended Books on Understanding Long-term Wage Settlements
As for recommended books on understanding long-term wage settlements, 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 wage settlements, this book provides insights into effective HR leadership, which can be valuable in the context of managing compensation.
Please 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
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Wage Settlement/Collective Bargaining - It means bargaining in good faith. It is a process between an organization's management and trade union representatives for negotiating wages, working hours, working conditions, and other matters of mutual interest.
To the management, this process presents one set of people to negotiate with. To the employees, it greatly enhances bargaining power.
Collective bargaining is the fundamental principle on which the IR system is based in practice.
The process involves:
Management - Collection of relevant data from the related industry, data study, management proposal, taking the mandate from the management, and thereafter beginning the negotiation, etc.
Union - Charter of demands, etc.
From India, Mysore
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To the management, this process presents one set of people to negotiate with. To the employees, it greatly enhances bargaining power.
Collective bargaining is the fundamental principle on which the IR system is based in practice.
The process involves:
Management - Collection of relevant data from the related industry, data study, management proposal, taking the mandate from the management, and thereafter beginning the negotiation, etc.
Union - Charter of demands, etc.
From India, Mysore
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Subbumsw and Raghunath_bv, thank you for your valuable input, sir. Still, I am figuring out the book on "Long-term Settlement in Indian Industries," just like I referred to HL Kumar's books most of the time for updating ourselves on compliance and other labor laws.
Book Recommendations for Long-term Settlement in Indian Industries
Can you suggest any specific book by an Indian writer (considering the Indian market mindset)?
From India, Indore
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Book Recommendations for Long-term Settlement in Indian Industries
Can you suggest any specific book by an Indian writer (considering the Indian market mindset)?
From India, Indore
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5TH LONG TERM WAGE SETTLEMENT of Nalco PSu MOU as signed on 8th May 2011.pdf