The objective of this paper is to gain an insight into the importance of remuneration and its impact over people who are working for any organization; to see the results that a company gains by offering proper remuneration. Remuneration has a direct impact over employee motivation. …
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This paper defines the remuneration as the process of making an employee motivated by offering him a compensation or benefit. It is basically the gains he gets from the employers in exchange for services he performs in the workplace. It is a great way to increase the morale of an employee and boosting his performance level by keeping him motivated toward the job. Employee remuneration is a way to promote the well being of an employee by raising his status through paying salary to him in return for the services he provides for the employer. Employee remuneration can be characterized into two parts by naming them as time rate and piece rate method. The time rate method is characterized by measuring the time that worker spends on the job whereas piece rate method is related to the unit productivity as seen by the input given by employee to produce output. There are many advantages of time rate method of employee remuneration as it leads to producing quality products within a given time frame and the compensation is provided to employees keeping in view the time they spend on the job. For instance, the salary can be fixed based on hourly, weekly or monthly basis. Here the emphasis is more on the quality than quantity and supervision is tight as compared to piece rate method. It is a good method to make a new employee learn the basics of job without caring for the amount of salary he attains as it is based on the time spent on the task. However, the piece rate method is characteristic of the inputs the employee puts in to produce a specified number of outputs. In this type of method, an employee is more focused with quantity than quality and he is not being placed under strict supervision as he has just to produce the specified number of products at his pace. It is a good way to increase motivation among employees to strive for better pay by producing more outputs (Abrams, 2003). There are number of
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(“The effect of remuneration on productivity an appraisal of primark Research Proposal”, n.d.)
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(The Effect of Remuneration on Productivity an Appraisal of Primark Research Proposal)
“The Effect of Remuneration on Productivity an Appraisal of Primark Research Proposal”, n.d. https://studentshare.org/management/1392083-the-effect-of-remuneration-on-productivity-an-appraisal-of-primark-london.
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The main intention of the study is to develop an understanding of the concepts of Human Resources Management in general and how the established theories and principles are applied to a particular organization.