Question

Explain the following principle of management:

Remuneration to employees 

Answer 1

Appropriate remuneration to staff or employees is the principle to keep them satisfied financially as well as retain them for a long span of time within the organization. Fair remuneration affects the productivity and efficiency level in total. The remuneration should be fixed by taking into consideration the skill, expertise, knowledge, tenure, cost of living, market trend, the profitability of the organization, etc.