Business: Employment Essay

Submitted By turtonadam
Words: 909
Pages: 4
Open Document
Remuneration
Remuneration is a payment for a service for employment. This includes any salary, bonuses or any other benefit whist in the employment of the business.
Different types of remuneration are:
Time rate system:
A time rate system refers to an hourly rate or weekly wage or annual salary. The Employees are given a rate and it will be used for that group of work. Advantages of this system are that it is simple to use and administer. Also, it is economically viable for the company to use the time rate system. The disadvantages of using this system is that it is unfair to the Employees as the pay is irrespective of how much work has been done. It also may cause conflict between Employers and Employees as the Employer want to maximise the work but the Employee wants to maximise the wage.
Payment by Results:
There are four types of payment by results. These are straight piece work system, differential piece work system, Gantt task and bonus system and Emerson’s efficiency system.
Straight piece work system;
This system is used when an Employee works and the wage is dependent on what they achieve. The wages is measured depending on how much has been done in the given time allocated to that task.
Differential piece work system;
This system is used for Employees’ who are more efficient at work. The more efficient the Employee are, the more wages that are received. There are different rates for the Employees’ who is above or below the standard of work.
Gantt task and bonus system;
In this system the Employee is guaranteed a minimum wages but if the job is completed in less than the reasonable standard time then the wages can increase from 25% to 50%. Advantages of this are that the Employee is guaranteed a minimum wage and is suited to efficient workers. A disadvantage of this is that it emphasises too much on high speed and high production rates.
Emerson’s efficiency system;
The Emerson’s efficiency system has 12 principles of efficiency that should increase the Employees’ motivation to work.
1. Clearly defined ideals.
2. Common sense
3. Competent counsel
4. Discipline
5. The fair deal
6. Reliable, immediate and adequate records
7. Despatching
8. Standards and schedules
9. Standardized conditions
10. Standardized operations
11. Written standard-practice instructions
12. Efficiency-reward The system guarantees a national minimum wage but the Employees are rewarded depending on how efficient they are working. A simple bonus scheme is as follows;
Up to 66.67% to 80% of work effort will rewarded with a 4% bonus.
66.67% to 90% of standard output will be rewarded with an extra 10% bonus.
80% to 90% of work efficient Employees’ will be rewarded also with a 10% bonus.
90% to 100%of standard output will be rewarded with a 20% bonus.
Above 100% of standard of work will receive a bonus of 20% plus a 10% output above standard output.
Advantages of this system are that the efficient worker is rewarded greatly and the Employee is guaranteed a minimum wage. A disadvantage of this system is that it encourages Employees’ to work fast but it could then harm the quality of work.
Incentive schemes;
An incentive scheme rewards the Employee when they have achieves a certain goal. * Financial incentive;
A financial incentive is when the Employee receives profit for the goal reached or even shares in the company if available. Also, bonuses could be
Show More

Related Documents: Business: Employment Essay

Business: Employment and Business Environment Essay

Unit one: Principles of personal responsibilities and working in a business environment Assessment You should use this file to complete your Assessment. The first thing you need to do is save a copy of this document, either onto your computer or a disk Then work through your Assessment, remembering to save your work regularly When you’ve finished, print out a copy to keep for reference Then, go to www.vision2learn.com and send your completed Assessment to your tutor via your My Study area…

Words 1462 - Pages 6

Essay on Employment and Business Environment

Unit one: Principles of personal responsibilities and working in a business environment Assessment You should use this file to complete your Assessment. * The first thing you need to do is save a copy of this document, either onto your computer or a disk * Then work through your Assessment, remembering to save your work regularly * When you’ve finished, print out a copy to keep for reference * Then, go to www.vision2learn.com and send your completed Assessment to your tutor…

Words 2959 - Pages 12

Essay on Employment and Business Environment

Unit one: Principles of personal responsibilities and working in a business environment ADMINISTRATION 1. Identify four main points that would be included in a contract of employment. If possible, use an example contract to support your answer (feel free to obscure any confidential information). The contract of employment includes employer name, job title, date of joining, notice period, duties and hours of work and pay. For example: Name:xxxxx, Employee:NHS , Job title: Admin, Duties:…

Words 664 - Pages 3

Essay on Employment and Business Environment

Unit one: Principles of personal responsibilities and working in a business environment Assessment You should use this file to complete your Assessment. • The first thing you need to do is save a copy of this document, either onto your computer or a disk • Then work through your Assessment, remembering to save your work regularly • When you’ve finished, print out a copy to keep for reference • Then, go to www.vision2learn.com and send your completed Assessment to your tutor via your My…

Words 1219 - Pages 5

Essay on Employment and Business Environment

Tutor feedback form |Name of learner: |Kirsty Coope |Programme | |Business & Administration L2 | |Unit Number |One | | |RESUB |X | |Date: 14/11/12 | |Tutor |Billy Hugill |Signature: Billy Hugill | | |…

Words 2014 - Pages 9

Essay on Employment and Business Environment

Unit one: Principles of personal responsibilities and working in a business environment Assessment You should use this file to complete your Assessment. * The first thing you need to do is save a copy of this document, either onto your computer or a disk * Then work through your Assessment, remembering to save your work regularly * When you’ve finished, print out a copy to keep for reference * Then, go to www.vision2learn.com and send your completed Assessment to your tutor…

Words 3081 - Pages 13

A Summary Of The Types Of Employment Within The Business

NATIONAL BUSINESS – DIPLOMA LEVEL 3 LEWIS FORRESTER 42612 TUTOR: AAA P2 Task 2 A summary of the types of employment within the business An explanation of the recruitment process with emphasis on the purpose and contents if job descriptions, person specifications and application forms. This should be supported with annotated examples of job descriptions, person specifications and an application form from the selected organsation. An explanation of the purpose and content of employment contracts…

Words 592 - Pages 3

Business: Employment and Private Sector Essay

Reasons why Some People Prefer Working in the Private Sector than the Public Sector Introduction There has been an unprecedented rise in the number of employees migrating from private to public sector over the past few decades to find better working conditions…

Words 2295 - Pages 10

Major: Employment and Business Degree Essay examples

more knowledge on what is out there while taking this first year experience course. I took the intro to business course to mainly see what it was about, and honestly, it may be the route I decide to go with. So far, I have enjoyed learning about everything this class covers. I also may choose this as my major because of how general it can be. There is really so much you can do with a business degree, and with me still being unsure of what I would like to do, it seems like the best option for right…

Words 532 - Pages 3

Business: Employment and American Mcdonalds Offer Essay

suppliers that operate ethically and meet their high standards of social responsibility. Third P is place. They make sure that their restaurants are clean, relevant, and inviting to the customers of today and tomorrow. They make sure to manage their business in an environmentally friendly way and seek ways to make difference in the community. Fourth P is Price. They have the responsibility to maintain their values and high standards as they provide food that is affordable to a wide range of customers…

Words 1298 - Pages 6