WAGE NEGOTIATION Meaning and
Definition
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Wage negotiation refers to a process wherein employers and employees engage in discussions and bargaining to determine the terms and conditions regarding the compensation received for work performed. It is an essential component of the employment relationship as it allows both parties to reach an agreement on the wages and benefits that the employee shall receive in return for their services.
During wage negotiations, employees may negotiate for higher pay, better benefits, additional perks, or adjustments to working conditions, while employers may seek to establish a fair and competitive remuneration package that aligns with the industry standards and the company's financial capabilities.
The negotiation process typically involves open communication, exchange of information, and discussion of each party's interests and priorities. Both employers and employees may present their proposals, arguments, and justifications to reach a mutual agreement.
These negotiations can occur at various stages, such as during initial job offers, contract renewals, or when significant changes occur within the organization or the market that may impact the employees' compensation. It is crucial for both parties to approach wage negotiations with a collaborative mindset, aiming for a win-win outcome that satisfies both the employer's business goals and the employee's financial needs and expectations.
Overall, wage negotiation serves as a crucial mechanism for determining fair and equitable compensation between employers and employees, fostering a healthy working relationship and ensuring employee satisfaction and motivation within the organization.
Common Misspellings for WAGE NEGOTIATION
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Etymology of WAGE NEGOTIATION
The term "wage negotiation" is composed of two main elements: "wage" and "negotiation".
The word "wage" comes from Middle English and Old English "wage" or "wæge", which meant "a sum of money paid to a worker for their services". It is related to the Old Norse "veizla" and the Old High German "wagga", both meaning "wage" or "reward". Ultimately, the origin of "wage" can be traced back to the Proto-Indo-European root "wogh-", meaning "value" or "price".
The word "negotiation" is derived from the Latin verb "negotiari", which means "to carry on business" or "to trade".
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