Remuneration of Employees
According to this principle, remuneration should be fair and satisfactory to both employees and the organization. This principle leads to harmonious relations in the organization. Fair remuneration should be determined based on government rules related to wages, financial position of the organization, nature of work, and cost of living. Employees should be paid reasonable wages for their service, which should provide them with a moderate standard of living.
For example, if an organisation earns higher profits, then it should share some of its parts with the employees in the form of bonus.
14 Principles of Management by Henri Fayol
Principles of Management are like a guidebook for leaders to run a company well. They help managers make plans, organize tasks, and motivate teams, and, they serve as frameworks for managers to deal with the difficulties of leading people and achieving goals within an organization.
Principles of Management cover a diverse range of concepts and practices that aim to optimize resources, encourage innovations, and improve performance. They provide managers with a systematic approach to decision-making, problem-solving, and achieving results in a dynamic business environment.
Table of Content
- What are the Principles of Management?
- Who was Henri Fayol ?
- Principles of Management by Henri Fayol
- 1. Division of Work
- 2. Authority and Responsibility
- 3. Discipline
- 4. Unity of Command
- 5. Unity of Direction
- 6. Subordination of Individual Interest to General Interest
- 7. Remuneration of Employees
- 8. Centralization and Decentralization
- 9. Scalar Chain
- 10. Order
- 11. Equity
- 12. Stability of Personnel
- 13. Initiative
- 14. Esprit De Corps
- Difference between Principles of Management and Techniques of Management
- Henry Fayol’s Principle of Management – FAQs
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