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Remuneration policies
- Time rate
systems
- This is where an employees payment
will be based on the number of hours
which they work over a period of
time
- Companies often use this when they
have employees who are not on full
time contracts.
- This is where an employees payment
will be based on the number of hours
which they work over a period of
time
- Payment by
results
- The more you work, the
more you earn
- Direct link to input and
output
- Tesco offer this and it
means that they are
helping their employees
to have motivation to
work more as they are
going to get more out
of doing so.
- Tesco offer this and it
means that they are
helping their employees
to have motivation to
work more as they are
going to get more out
of doing so.
- The more you work, the
more you earn
- Wages and salarys
- Wage
- A wage is a fixed regular payment earned for
work or services, typically paid on a daily,
weekly or monthly basis.
- A wage is a fixed regular payment earned for
work or services, typically paid on a daily,
weekly or monthly basis.
- Salary
- A salary is a fixed regular payment,
typically paid on a monthly basis but often
expressed as an annual sum, made by an
employer to an employee.
- A salary is a fixed regular payment,
typically paid on a monthly basis but often
expressed as an annual sum, made by an
employer to an employee.
- Wage and salary structure
- This is individual for every company and is
basically the structure which they use to pay
their employees and how they do this.
- factors to be
considered:
- Minimum wage for
employees
- Cost of living for area of
company
- Job level
- Competitor
pay
- Minimum wage for
employees
- Tesco use this to show their various
stakeholders how they recognise the
importance of their employees as a company.
- factors to be
considered:
- This is individual for every company and is
basically the structure which they use to pay
their employees and how they do this.
- Wage
- NI contribution
- This is the money which employees have to pay form
what they earn as a contribution to National Insurance
- This will effect Tesco as there are secondary
rates which have to be paid by the employer
and this means that any rises for employees will
subsequently effect Tesco as well.
- This is the money which employees have to pay form
what they earn as a contribution to National Insurance
- Incentive
schemes
- This is a formal scheme used to promote or
encourage effeicent working behaviour giving
the employees a reward for doing so.
- By Tesco offering this, they are helping god employer
and employee relations and welfare as well as helping
to establish a friendly working environment.
- By Tesco offering this, they are helping god employer
and employee relations and welfare as well as helping
to establish a friendly working environment.
- This is a formal scheme used to promote or
encourage effeicent working behaviour giving
the employees a reward for doing so.
- Additions to basic pay
- Overtime
- This is where you work more than you are
contracted to and are therefore likely to be
paid more for doing this such as time and a
half
- Tesco offer overtime to employees
giving them the reward for and
incentive to work extra and pay
employees time and a half.
- Tesco offer overtime to employees
giving them the reward for and
incentive to work extra and pay
employees time and a half.
- This is where you work more than you are
contracted to and are therefore likely to be
paid more for doing this such as time and a
half
- Bonuses
- This is where the company will set an
employee targets and if they reach that then
they are likely to earn a reward from this
which is normally in monetary value
- Tesco may also offer their staff gifts and discounts
as a form of bonus or reward for the hard work they
put in to the business.
- Tesco may also offer their staff gifts and discounts
as a form of bonus or reward for the hard work they
put in to the business.
- This is where the company will set an
employee targets and if they reach that then
they are likely to earn a reward from this
which is normally in monetary value
- Special
allowances
- Overtime
- Income tax
- This is the tax which an employee
has to pay the government based
on what they are payed from their
job.
- Not all Tesco employees will have to pay this as not
all of them earn enough to do so and Tesco could
therefore offer non-monetary benefits to their
employees such as private health care costs.
- This is the tax which an employee
has to pay the government based
on what they are payed from their
job.
- Skill based payment systems
- This is where you are paid more if you
have more skills needed for the job
- Factors to consider:
- What are the skills needed for
the job?
- What happen if an employee
lacks these skills?
- How can you regularly
assess the skills?
- Are the skills that you are paying
for having a positive impact on
the operations of the company?
- What are the skills needed for
the job?
- For Tesco, when they employee with a
certain skill, they must regularlycheck
and assess the employee for that skill
and also ensure that the particular
skills is positively contributing toward
the business and is thereofre worth
paying employees extra for.
- This is where you are paid more if you
have more skills needed for the job
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