Time Rate- Staff are paid for the number of hours they work.
Overtime- Staff are paid extra for working beyond normal hours
Piece rate- Staff are paid for the number of items produced
Commission- staff are paid the number of items they sell
Performance related pay- Staff get a bonus for meeting targets set by their manager
Profit Sharing- staff receive a part of any profits made by the business
Salary- Staff are paid monthly no matter how many hours they work
Fringe Benefit- Payments in kind e,g company car or staff discounts.
Job Payment Method Pros
Dentist: Salary well paid
Bar tender: Time Rate/ Over time Not many skills
Potter: Piece Rate guarantee pay
Hairdresser: Profit sharing/ PRP all staff get paid
Sales Person: Commission Hard work
Assembly line worker: Salary; Get paid no matter what