Let us first look into the various goals that this chapter takes into account:
Paying employees is a crucial part of any company in today’s world. If a company fails to make payments to its employees on a duly basis, there are high chances that the employees are going to run away, i.e. find an alternative option where there are going to get their payments on time. Obviously, the degree of payment each individual receives is going to be greatly dependent on the position of the individual in his or her company. The Chancellor of various government administrations are not only paid for finding and delivering the budget but at the same time, he or she is also in charge of the treasury.
As far as the private sectors are concerned, the various individuals who are involved at the managerial level must take into account the fact that they are the ones who are responsible deciding the pay scale of the various employees who are working under them. The thing about the various companies in the modern era is that they are extremely cautious as far as their status in the society is concerned. As a result, many companies of the modern era do form a team of employees often referred to as the union that precides over the social status of a particular company. In addition to this, a lot of bargain is also involved which in deed is due to the increased level of competition among the various employees. IN the event that you aren’t self-employed, then there are high chances that your pay grade is going to be decided by the higher authorities of the company you are working for.