Profit sharing helps in increasing output by making the workers more responsible, by securing their co-operation and by providing them an incentive to work hard for the concern and their own betterment. But as an incentive scheme, profit- sharing has dubious value. It is argued in favour of profit-sharing scheme that it would eliminate strife and conflict between the workers [...]
The term 'wage' can be defined as the payment made to workers for placing their skill and energy at the disposal of an employer, the method of use of that skill and energy being at the employer's discretion and the amount of payment being in accordance with the terms stipulated in a contract of employment of service. Wage forms the [...]
Everything you need to know about workers’ participation in management (wpm). Workers' Participation in Management (WPM) is a complex concept. Traditionally, it refers to the participation of non-managerial employees in the decision-making process of the organization. Workers get involved mentally and emotionally in the management process. The concept of Workers' participation in management (EPM) crystallises the concept of Industrial Democracy, [...]