Human Resources Newsletter Bluebird Tours

Payment

payment is the reward that you get for the work which you are doing within the company. this will vary depending on your position within the company, how long you have worked for the company, number of hours, etc.

Payment would be useful for the employees that work for the company where they would use this to pay for their food and essentials in life which is one of the main reasons why people work in the first place.

minimum wage

The rates from 1 October 2016 are:

£7.20 per hour - 25 yrs old and over

£6.95 per hour - 21-24 yrs old

£5.55 per hour 18-20 yrs old

£4 per hour - 16-17 yrs old

£3.40 for apprentices under 19 or 19 or over who are in the first year of apprenticeship.

The rate will then change every April starting April 2017. The rates from 1 April 2017 will be:

£7.50 per hour - 25 yrs old and over

£7.05 per hour - 21-24 yrs old

£5.60 per hour - 18-20 yrs old

£4.05 per hour - 16-17 yrs old

£3.50 for apprentices under 19 or 19 or over who are in the first year of apprenticeship.

Different salaries for the same job

paying different salaries for the same job may seem unfair at first, but generally speaking an employee that has either more experience in the field of work, and/or more qualifications will generally be more prepared and able to deliver higher quality work than a starting employee in the same position. Some employees might also be able to fill in more than just one role, making them more valuable.

Performance Related Pay

Performance-related pay (PRP) is a common way of managing pay by linking salary progression to an assessment of individual performance, usually measured against pre-agreed objectives.(https://www.cipd.co.uk/knowledge/fundamentals/people/pay/performance-factsheet)

Advantages

  • motivates employees to work harder and achieve targets
  • makes employees feel valued by the company and rewarded for their hard work
  • improves the general performance of the staff within the company, generally leading to increased sales.

Disadvantages

  • Create too much competition between the employees
  • It can be costly for the company
  • Can create conflict as it can be seen as unfair by employees.

Total Reward

The total reward concept is broken down into 4 main areas, these are transnational, communal, relational and individual. these section are can interrelate, and all of them have sub points. they relate to both the company and the employees.

If you follow the framework, you can achieve a sense of balance between the different aspects of the job. it more likely for employees to be with the company and remain engaged.

Credits:

Created with images by .v1ctor Casale. - "Pounds Payment" • Images_of_Money - "Houses going down" • DariuszSankowski - "knowledge book library" • 089photoshootings - "men employees suit" • rjmcsorley - "hawaii oahu beach"

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