Question

Explain at least 2 difference methods that can be used to pay employees. You are also required to describe where to find information about payments in an organisation and the records that correspond to different payment methods.

(simple and original answer please)

Answer 1

Ans: For any job, the salary was an important aspect for our survival. Depending on the employee the payment has been made as per their performance, overtime etc. The common type of payment is:

1. Time-based

• In Time based, the output in quality will be maintained as there will be no hurry in giving it, by completing the task done.
• It helps in achieving the organizational goals
• If the organization follows time-based, there will be more chances for the employees to improve their discipline either in the work or else in their personal space.
• There will be more scope to improve employee performance.

2. Hourly based

• The hourly based helps the company or else the organization earn their goals with lesser cost.
• If the employee work is not done properly or else failed to achieve the goals there will be higher chances to replace them.
• There won't be any job security and the company saves money by not paying them if the work is not properly done by them.
• There will be exact pay for the employees in hourly rather than time-based like if they a day off there will be no cutting charges.

In any company or organization mostly the payroll will be more confidential. The payroll includes information relating to business and employee information etc. If the employee has access to it there will be some clashes like why my pay is low compared to other etc. There will be a lot of problems arises if we share the payroll details. So, there will be limited access to data.