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Chapter 19: Remuneration

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by

Robert Dudley

on 15 February 2011

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Transcript of Chapter 19: Remuneration

Remuneration Question:
What is the impact on staff of various payment strategies including
time, piece rates and commission? The impact on staff of various payment strategies including time,
piece rates and commission is that some workers will get paid
more, even if they work less hours. This is down to the fact that
different payment methods dictate that workers in different levels
of the business get paid differently. The advantage of this is that
the workers are more likely to work overtime when they are paid
by time. This is an advantage because the workers can complete uncompleted tasks and get paid for it. The disadvantage is that,
when paid by salary, workers don't have overtime. This is a
disadvantage because of the fact that they are expected to complete tasks and work extra hours without being paid time and a half. I believe that the impact on staff of strategies including time, piece rates and commission is that certain people will be paid for working extra hours, whereas others will not, because of the way that payment strategies work. The knock-on effect of this is that some people will be paid less, even if they have completed more work. QUESTION:
what is the difference between full-time work paid by salary
and freelance or temporary work? The difference between full-time work paid by salary and freelance or temporary work
is that full time workers are people who work the whole of the working week, whereas
freelance or temporary workers are only with the business for a short period of time,
or who are self-employed. QUESTION:
WHAT IS MEANT BY FRINGE BENEFITS? Fringe benefits are payments in kind over and above the wage or
salary, such as a company car. QUESTION:
WHAT IS THE IMPACT ON BUSINESS OF DIFFERENT PAYMENT
SYSTEMS? The impact on business of different payment systems is that, from time to time,
they may have to pay people who decide to work overtime a higher wage. This
is because of the fact that these workers get paid per hour, and a lot of businesses
pay time and a half for people who work overtime. An advantage to this is that the workers are likely to work overtime. This is an advantage because of the fact that
being paid extra encourages workers to work at a higher standard. A disadvantage to
this is that the business has to spend more money on paying these workers. This is a
disadvantage because the company might not be able to afford paying people who work overtime a lot. I believe that the impact on business of different payment systems is that the company will have to spend more money on paying wages, and this is because working overtime usually pays out time and a half (i.e. basic pay rate x 1.5). The knock-on effect of this is that the company will have less money to spend on other things.
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