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  • 1. Remuneration
  • 2. 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
  • 3. Lesson Objectives To define remuneration To understand how each type of remuneration benefits a business To identify which style of remuneration suits a businesses
  • 4. Video Clip Whatfactors affect the level of pay people get? Here
  • 5. Key Words  Remuneration is the payment of employees  Match up the remaining key words….  Wage  Remuneration  Salary  Commission  Piece rate pay  Time rate pay
  • 6. Questions1. 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
  • 7. Sort which jobs are most likely to bepiece rate pay or time rate pay?  Sewing jeans  Mechanic  Working in a  Selling cars restaurant  Librarian  Marking exam papers  Selling houses  Washing cars  Baby sitting  Playing in a band at  Tutoring a wedding  Working in a pub  Driving a taxi  Hairdresser  Working at a check- out in ASDACan you think of any that could be both? Why?
  • 8. Payment by results:What monetary incentives could you offer tomake 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.
  • 9. Fringe benefits Whatother things would you want, that could be used as a reward instead of money?
  • 10. Evaluate if remuneration is agood incentive to motivateworkers.