4 remuneration
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Transcript of 4 remuneration
Remuneration
Specification Detail Remuneration: the impact on staff of
various payment strategies, including time v piece rate, commission, full time salary v freelance work; fringe benefits
The impact on business of different payment systems
Lesson Objectives To define remuneration To understand how each type of
remuneration benefits a business To identify which style of remuneration
suits a businesses
Video Clip What factors affect the level of pay
people get? Here
Key Words Remuneration is the payment of
employees Match up the remaining key words….
Wage Remuneration Salary Commission Piece rate pay Time rate pay
Questions 1. Do you think Mrs Fonfe is on a wage or
a salary? Why?2. Create a spider diagram for the
positive and negative effects of both piece and time rate.
3. Justify which type of commission you would prefer in your job; bonus; performance related pay or share option schemes
Sort which jobs are most likely to be piece rate pay or time rate pay?
Sewing jeans Working in a
restaurant Marking exam
papers Washing cars Playing in a band at
a wedding Driving a taxi Working at a check-
out in ASDA
Can you think of any that could be both? Why?
Mechanic Selling cars Librarian Selling houses Baby sitting Tutoring Working in a pub Hairdresser
Payment by results:What monetary incentives could you offer to make people work harder?
Bonus: Extra payments over and above the basic wage or salary.
Commission: Sales people may be p[aid a salary, plus a commission (a percentage of the value of their sales)
Performance related: Payment when you reach an agreed target.
Share option scheme: Allowing (and sometimes giving) workers to buy shares in the business. The better the business does, the more money they earn.
Fringe benefits What other things would you want, that
could be used as a reward instead of money?
Evaluate if remuneration is a good incentive to motivate workers.