Remuneration

The two method that will be focused on are Wages & Salaries

Wages

Wages are given as an hourly rate (e.g. £6 per hour) and employees are normally paid weekly

Advantage: The business only pays the amount of work the employee does. This means there is no wasted money.

Disadvantage: The employee may take longer to complete the task which will cost the business more money

Bonus

Bonus payments are made if a particular target is achieved.A bonus can be paid to an individual employee or to everyone in the company.

Advantage:It encourages employees to give a good performance as the employee gets paid for their good work.

Disadvantage:Other employes could get a reward for other employees hard work if the reward is given to a group of employees.

Other methods of employment include: