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Business Studies
Ch10- Human Needs & Rewards
| Term | Definition |
|---|---|
| Flat Rate | This is a set rate of pay, based on a set number of hours. For example, $200 for a 40-hour week. This method would be easier to calculate, but it doesn't give the workers any motivation to work harder. |
| Time Rate | This is paid based on the length of time spent working, rather than the quantity of output achieved. For example, a worker being paid $12 per hour. |
| Piece Rate | This payment method is used to determine the wages of an employee only on the number of items that the employee has produced. |
| Bonus | This is paid as an additional encouragement to employees. It can be paid out of additional profits earned by the company as a result of the employee's hard work. Bonuses encourages employees to keep up a high output. |
| Commission | This is a payment made as a percentage of the sales a salesperson has made. In a retail store, an employee might receive 10% of each sale made. This acts as an incentive for the employees to sell more. |
| Fringe Benefits | These are non-financial incentives given to employees. |
Created by:
Jennie HSU
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