The Functions of HR Management 2
Royalty or Licensing Fee
If you write a book or create an idea you can sell it and
earn licensing fee of royalty fees. Many companies that do this are like spotify, they licence songs from artist and put them on their app.
Fee for service
Catering and cleaning businesses often receive a fee for service and they estimate how much it will cost in time and materials
Straight Commission
This is a form of compensation and it is based on the employee's sales. If an employee sells a lot of products or high priced items they are paid straight commission
Hourly Wage
This is the most common form of payment method you are paid based on how many hours you have worked.
Minimum wage is the lowest
hourly wage someone can receive.
If you work more than the regular hours or work on a holiday you get more money and it is called overtime
Perks
Dismissals
Many firms conduct corrective interviews. During a corrective interview, the employer discusses problems with the employee and, together, both parties make a plan for improvement.
Companies also dismiss employees to cut back expenses. this type of dismissal is called employee layoff.
Many companies provide a severance package to a dismissed employee. This package often contains a final payment, which usually depends on the amount of time the employee has worked for the business
The company may also provide outplacement counselling to ease the employee's transition by helping him or her search for a new job.
Performance Based Pay
Is calculated on the amount of a particular product that an employee can make.
Piecework is a form of compensation is widely used in the clothing industry. It rewards skill and speed.
Some piecework factories become known as sweatshops. Not only are wages low, but employees are forced to work in unsafe and unhealthy conditions.
Stock Options
The buisiness gives employees an opportunity to buy company shares this is called stock options. People can earn money if the stocks prices rises and they sell it. Stocks help both the employee and the employer.
Incentive Bonus
Many Businesses offer a Bonus, or reward, for good performance. At times, this type of reward is called variable pay.
If the employee meets the goal, they receives a reward such as a car, a trip , extra cash, etc.
Departures
Human resources department can arrange exit counselling. During the exit interview, an employee can discuss his or her future goals and make sure that leaving is the best way to achieve the goals.
Salary
Employees receive a fixed amount of money on a regular schedule,such as weekly or monthly which is called a Salary. Most of the time it is expressed as a yearly amount. Salaried jobs most of the time do not count how many hours they have to work. If employees work overtime, they don't get paid.
Salary plus Comission
This commission is usually quite small, and is in addition to salary or hourly wages. It is an incentive that encourages employees to work harder.
Heath
When an employee becomes ill the business suffer a double loss. This is because they lose the workers skill's productivity. They still have to pay the employee their full wages.
They also provide a sick pay.
Since businesses benefit from healthy employees, many companies offer wellness programs.
Safety
This legalization is intended to prevent accidents, injury, and disease related to employment activities. Employees have the right to :
be informed about known or foreseeable hazards in the work place.
Subtopic
identify and resolve job-related problems in safety and health.
refuse dangerous work if they have reasonable cause to believe that a situation constitutes a danger.