Asked by Austin Bogle on May 02, 2024
Verified
Define hourly wage, piecework rate, and salary.
Hourly Wage
Rate of pay per hour worked.
Piecework Rate
A pay system where employees are compensated based on the amount of work they produce, typically measured per piece or unit of work completed.
Salary
Rate of pay per week, month, or year worked.
- Distinguish between different types of compensation such as hourly wage, piecework rate, and salary, and understand their applications and limitations.
Verified Answer
AK
Anna Kathryn DavidsonMay 08, 2024
Final Answer :
An organization's pay structure should reflect what the organization knows about market forces, as well as its own unique goals and the relative contribution of each job to achieving the goals. Within this structure, it may state the pay in terms of a rate per hour, commonly called an hourly wage; a rate of pay for each unit produced, known as a piecework rate; or a rate of pay per month or year, called a salary.
Learning Objectives
- Distinguish between different types of compensation such as hourly wage, piecework rate, and salary, and understand their applications and limitations.
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