Remuneration

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