Importance of wage formation Sample Clauses

Importance of wage formation. Wage formation is a positive force in a company’s activities that creates con- ditions in which individuals can develop and be encouraged to work effec- tively. This in turn helps to increase productivity, efficiency and profitability. All employees participate in a continuous process of improvement, contrib- uting their input, which results in wage formation that helps to generate in- come. This enables favourable salary progression and creates job security. Cooperation based on trust between company management, union repre- sentatives and salaried employees is a key factor influencing wage formation. In this regard, it is important that union representatives are kept informed about the company’s progress. Wage formation is based on the company’s business and operations concept, financial position, productivity and developmental potential, with overall goals agreed and broken down into sub-goals and individual goals.
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Importance of wage formation. Wage formation is a positive force in a company’s activities that creates conditions in which individuals can develop and be encouraged to work effectively. This in turn helps to increase productivity, efficiency and profitability. All employees par- ticipate in a continuous process of improvement, contributing their input, which results in wage formation that helps to generate income. This enables favourable salary progression and creates job security. Cooperation based on trust between company management, union representatives and salaried employees is a key factor influencing wage formation. In this regard, it is important that union representatives are kept informed about the company’s progress. Wage formation is based on the company’s business and operations concept, xxxxx- cial position, productivity and developmental potential, with overall goals agreed and broken down into sub-goals and individual goals.

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