HUMAN RESOURCES AND MANAGEMENT

1
HUMAN RESOURCES AND MANAGEMENT

• THE LABOUR MARKET

THE LABOUR MARKET IS WHERE EMPLOYERS MEET
EMPLOYEES.   PREDICTIONS ABOUT JOBS ARE CALLED
OCCUPATIONAL FORCASTS.  
2
THE LABOUR MARKET CONSISTS OF 4 CATEGORIES
NAMELY

• q       UNSKILLED LABOUR LITTLE TRAINING
  REQUIRED E.G DISHWASHING.
• q       SEMISKILLED LABOUR REQUIRES SOME
  INSTRUCTION E.G.CASHIER

3
CONTINUES.

• q       SKILLED LABOUR REQUIRES TRAINING FROM AN
  EDUCATIONAL INSTITUTION E.G. CAKE DECORATING.
• q       PROFESSIONAL LABOUR HIGHLY TRAINED E.G
  TEACHERS, ACCOUNTANTS, AND ENGINEERS.
•  

4
THE IMPORTANCE OF SKILLED LABOUR

• HIRING PEOPLE WHO CAN DO THE JOB IS VERY
  IMPORTANT. THE MORE SKILL AN EMPLOYEE ALREADY
  HAS, THE LESS A BUSINESS HAS TO INVEST IN
  TRAINING.

5
CREATING A POSITIVE ATTITUDE IN THE WORKPLACE

• EMPLOYEES WHO HAVE POSITIVE ATTITUDE OFTEN
  ACHIEVE JOB SATISFACTION. BUSINESSES CAN HELP
  EMPLOYEES ACHIEVE THIS SATISFACTION BY PROVIDING
  A CONDUSIVE ATMOSPHERE FOR WORK.

6
COMPENSATION

• THIS HAS TO DO WITH HOW MUCH MONEY THE EMPLOYEE
  IS PAID. THIS CAN TAKE THE FOLLOWING FORMS

7

• HOURLY WAGES
• SALARY
• SALARY PLUS COMMISSION
• STRAIGHT COMMISSION
• INCENTIVE BONUS
• PERFORMANCE BASED PAY
• FEE FOR SERVICE
• ROYALTY OR LICENSING FEE
• STOCK OPTIONS

8
HOURLY WAGES

• THE MOST COMMON PAYMENT METHODS, ESPECIALLY FOR
  PART TIME EMPLOYEES. MINIMUM WAGE IS THE LOWEST
  HOURLY WAGE AN EMPLOYER CAN PAY AN EMPLOYEE.
  OVERTIME PAY IS RECEIVED WHEN EMPLOYEES WORK MORE
  THAN THE REGULAR WORKHOURS.USUALLY, OVERTIME PAY
  IS ONE HALF OR TWICE THE REGULAR HOURLY PAY.

9
SALARY

• A SALARY IS A FIXED AMOUNT OF MONEY THAT
  EMPLOYEES RECEIVE ON A REGULAR SCHEDULE, SUCH AS
  WEEKLY OR MONTHLY.IT IS EXPRESSED AS A YEARLY
  AMOUNT.

10
SALARY PLUS COMMISSSION

• THIS IS WHEN EMPLOYEE GET A PERCENTAGE OF THEIR
  SALES IN ADDITION TO THEIR SALARY. MOSTLY FOUND
  IN RETAIL.
• STRAIGHT COMMISSION
• THIS IS A FORM OF COMPENSATION SOLELY BASED ON
  THE EMPLOYEES SALES.MOSTLY FOUND IN WHOLESALE
  BUSINESSES, AS WELL AS PEOPLE WHO SELL HIGH
  PRICED ITEMS SUCH AS CARS AND HOUSES

11

• INCENTIVE BONUS ALSO CALLED VARIABLE PAY THIS
  IS A REWARD FOR GOOD PERFORMANCE.HERE EMPLOYEES
  ARE GIVEN SALES TARGETS,IF THEY MEET THE SAID
  TARGETS THEN THEY WILL RECEIVE A BONUS.
•  PERFORMANCE BASED PAY THIS IS BASED ON THE
  AMOUNT OF A PARTICULAR PRODUCT THAT AN EMPLOYEE
  CAN MAKE. ALSO CALLED PIECEWORK, IT IS MOSTLY
  USED IN CLOTHING INDUSTRY.

12

• FEE FOR SERVICE THIS HAS TO DO AN ESTIMATE OF
  HOW MUCH A JOB WILL COST IN TERMS OF TIME AND
  MATERIAL. A WRITTEN CONTRACT IS ESSENTIAL
  HERE.BOTH THE EMPLOYER AND EMPLOYEE SIGNS THE
  CONTRACT.
• ROYALTY OR LICENSING FEE THIS REFERS TO A
  PAYMENT FOR THE USE OF IDEAS AND CREATIVITY.
• STOCK OPTIONSWHEN EMPLOYEES ARE OFFERED COMPANY
  SHARES AT A PRICE LOWER THAN THE MARKET
  PRICE.THIS MAKES EMPLOYEES BECOME PART OPWNERS OF
  THE COMPANY.