State FIVE reasons you believe it would be in the interest of every organization to remunerate its employees well. (10 marks)
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i) To increase productivity: When the organization remunerates its employees well, they will have the desire to give the best of their efforts resulting in increased productivity of the organization.
ii) Attract talents: When an organization is noted for remunerating its employees well, it helps in attracting highly talented people to work in that organization.
iii) Cost Control: Remunerating employees well will help the organization to control its operational cost because of the high retention rate of the workforce.
iv) To motivate employees: When employees are remunerated adequately, it signals to them some sense of fairness which will increase their motivational level to increase commitment and productivity.
v) Reduces Trade Union Agitations: When employees are adequately remunerated, it reduces the agitations of trade union in the organization.
vi) Provide economic security: When employees are adequately remunerated, it helps them to gain economic security because they make savings and also invest part of their salaries to cater for them during retirement. (Any 5)