Various methods of remunerating labour are: 1. Time or Day Rate System 2. Straight Piece Work Rate System 3. Time Rate v/s Piece Rate System 4. Incentives and Profit Sharing 5. Bonus System. Method # 1. Time or Day Rate System: This is the most common system found in practice. Under this the worker is paid an hourly, daily, weekly [...]
This article throws light upon the top five methods of wage payment to employees. The methods are: 1. Time Rate System (Fixed Salary Method) 2. Piece Rate System 3. Salary plus Commission on Sales 4. Profit Sharing System 5. Non-Financial System. Method # 1. Time Rate System: It is a system where wages are paid on the basis of time [...]
After reading this article you will learn about:- 1. Meaning of Compensation 2. Objectives of Paying Compensation 3. Forms 4. Factors 5. Features. Meaning of Compensation: Employees work to earn money (wages or salary). This money is broadly termed as compensation. It is the reward they want from management in return for services rendered to the organisation. Compensation or paying [...]