Question
What is the significance of conducting external pay surveys? How do organisations
utilise market wage curves to design pay grades and bands? Explain the role of collective
bargaining and institutional mechanisms (such as Pay Commissions or Wage Boards) in
influencing structural wage fixation in Indian industries.
Answer :
Word Count : 520
______ _________ _________ ___ ______ _____ ___ ________ __________.
_________ _____ __________ __________ ___ ______ __________ ____ ____ _____.
_____ __________ _______ ______ __________ ___ _________ ___ _______ __________.
____ ________ _____ ____ _____ ________.
_________ ________ ______ _______ _______.
______ __________ _________ ________ ____ ________ ____ __________ ______.
___ _____ ____ ___ __________ ___.
____ __________ _____ ______ _________ ____ ____ _______ __________ _____ _____ _______.
___ ____ ________ ____ ________ _________ _________ _____.
_________ __________ ______ _______ _________ ____ _____ _________ ______ _________ ____ ____.
__________ _________ ____ _____ ________ _____ _____.
________ __________ ______ _____ __________ ______.
_____ ________ ________ ______ __________ _________ _______ _____ _________ _______ __________ ___.
____ _________ __________ ____ _________ ______ ____ ________.
_______ _______ ____ _________ ______ ____ ______ _________.
____ _____ _____ __________ ________ ______ ______ _____ ________ __________ __________ ________.
________ ______ __________ ____ _____ ___ ____ ______ _________ _____ ___.
____ _________ _______ _____ _____ _______ ___ _____ ____ ________.
_____ ___ _____ _______ _____ ________ ______ ______ ___ ____ _____.
____ ______ __________ ______ ___ ____ __________ _________.
____ _____ ___ ________ _________ _______ __________ _________ _______ __________ __________.
_________ ________ _________ _________ __________ _______ ____ _____ _________ ____ ___ ___.
_________ _________ _____ __________ _________ ____ ________ __________ _________ ___ ______ _____.
_____ _____ _______ __________ ______ _______ ___ ________ _______ _______ _________ ____.
______ _____ ___ _________ _____ ____ ___.
______ ____ _________ ________ ______ ______ ______ _______ _________.
________ __________ _________ ___ ___ ________.
___ ____ __________ __________ __________ _____ ___.
_____ _______ ___ ________ ___.
__________ _________ ____ ___ __________ ______ _________.
_____ __________ __________ ____ ______ ___.
______ _____ ____ _________ ______ _________ _______.
________ _______ ________ __________ _____ _____ ________ ______ _____ ____ _____.
___ ________ ______ ___ _______ _________ _______ ____.
_____ _____ ______ __________ _________ ___ __________ ___.
________ ________ ___ _________ ______ __________ _____ _________ _______ ___ ________ _________.
__________ ____ ______ _______ ____ ________.
____ ____ ______ _________ ________ _____ ____ _________ ___ __________ ____.
Skip in 10
External pay surveys are significant in compensation and rewards management because they provide organisations with reliable information about prevailing wage rates in the labor market. These surveys help firms maintain external equity, which refers to the fairness of an organisation’s pay structure compared to competitors. By collecting and analysing data on salaries, benefits, and compensation practices across industries, organisations can avoid underpaying or overpaying employees. Underpayment can lead to high employee turnover, dissatisfaction, and difficulty in attracting talent, while overpayment can increase labour costs and reduce competitiveness. External pay surveys also help organisations comply with legal standards and ensure fairness, transparency, and consistency in wage determination. They are particularly useful in dynamic labour markets where skills demand fluctuates, enabling organisations to adjust their compensation strategies accordingly and remain competitive in attracting skilled employees. Organisations utilise market wage curves as an analytical tool to design pay grades and bands. A market wage curve represents the relationship between job value (often determined through job evaluation methods) and the corresponding market wage rates. Once jobs are evaluated and assigned a
___ ________ ______ _____ __________ _____.______ _________ _________ ___ ______ _____ ___ ________ __________.
_________ _____ __________ __________ ___ ______ __________ ____ ____ _____.
_____ __________ _______ ______ __________ ___ _________ ___ _______ __________.
____ ________ _____ ____ _____ ________.
_________ ________ ______ _______ _______.
______ __________ _________ ________ ____ ________ ____ __________ ______.
___ _____ ____ ___ __________ ___.
____ __________ _____ ______ _________ ____ ____ _______ __________ _____ _____ _______.
___ ____ ________ ____ ________ _________ _________ _____.
_________ __________ ______ _______ _________ ____ _____ _________ ______ _________ ____ ____.
__________ _________ ____ _____ ________ _____ _____.
________ __________ ______ _____ __________ ______.
_____ ________ ________ ______ __________ _________ _______ _____ _________ _______ __________ ___.
____ _________ __________ ____ _________ ______ ____ ________.
_______ _______ ____ _________ ______ ____ ______ _________.
____ _____ _____ __________ ________ ______ ______ _____ ________ __________ __________ ________.
________ ______ __________ ____ _____ ___ ____ ______ _________ _____ ___.
____ _________ _______ _____ _____ _______ ___ _____ ____ ________.
_____ ___ _____ _______ _____ ________ ______ ______ ___ ____ _____.
____ ______ __________ ______ ___ ____ __________ _________.
____ _____ ___ ________ _________ _______ __________ _________ _______ __________ __________.
_________ ________ _________ _________ __________ _______ ____ _____ _________ ____ ___ ___.
_________ _________ _____ __________ _________ ____ ________ __________ _________ ___ ______ _____.
_____ _____ _______ __________ ______ _______ ___ ________ _______ _______ _________ ____.
______ _____ ___ _________ _____ ____ ___.
______ ____ _________ ________ ______ ______ ______ _______ _________.
________ __________ _________ ___ ___ ________.
___ ____ __________ __________ __________ _____ ___.
_____ _______ ___ ________ ___.
__________ _________ ____ ___ __________ ______ _________.
_____ __________ __________ ____ ______ ___.
______ _____ ____ _________ ______ _________ _______.
________ _______ ________ __________ _____ _____ ________ ______ _____ ____ _____.
___ ________ ______ ___ _______ _________ _______ ____.
_____ _____ ______ __________ _________ ___ __________ ___.
________ ________ ___ _________ ______ __________ _____ _________ _______ ___ ________ _________.
__________ ____ ______ _______ ____ ________.
____ ____ ______ _________ ________ _____ ____ _________ ___ __________ ____.
IGNOU ACADEMY
Your IGNOU journey, made easier.
- Solved Assignments
- Study Notes
- Guess Papers
- Question Papers
Continue Reading — It's Free
Sign in with Google to unlock more of this answer.
✓ Free access
✓ Unlock up to 60% of the answer
✓ No payment required
✓ Unlock up to 60% of the answer
✓ No payment required
Quick Google sign-in. No separate registration form.