My company is a commerce trading financial service oriented firm. the query is, my company pays employees as for few in fixed pay and to many as only performance based. they dont have a base pay. sometimes they dont get anything if they miss to perform. i have joined newly am thinking to change it feel like employees should get some base pay with some variables. so they get some amount for sure every month. am i right or worng?? the second is how to calculate or help me how to do this.. what is the minimum wage act in tamilnadu so is it possible to bring it here and use it..
request the great HR's and other knowledgeable friends seniors to help me out with a good solution so employees get benefitted. thanks in advance.
regards suji
From India, Chennai
request the great HR's and other knowledgeable friends seniors to help me out with a good solution so employees get benefitted. thanks in advance.
regards suji
From India, Chennai
The performance based pay, as I understood, is noting but piece rate wages. The piece rate wage is permitted but there should be a base pay. There can be performance based pay but over and above the minimum standard rate of wages. Therefore, first, you have to change the salary structure of all the employees based on the Minimum Wages as applicable to your industry and then take a call on how to fix the pay considering the variables, ie, performance based pay.
From India, Kannur
4249From India, Kannur
Transitioning from pure performance-based pay to a mix of base pay and variable components can benefit your commerce trading financial service firm. This change provides stability and incentives for performance. Calculate a fair base pay and tie variables to performance metrics. Check Tamil Nadu's minimum wage laws to ensure compliance. Communicate changes transparently to employees for a smooth transition.
From India, Bhubaneswar
From India, Bhubaneswar
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