HUMAN RESOURCES AND MANAGEMENT THE LABOUR MARKET THE LABOUR MARKET IS WHERE EMPLOYERS MEET EMPLOYEES. PREDICTIONS ABOUT JOBS ARE CALLED OCCUPATIONAL FORCASTS.

THE LABOUR MARKET CONSISTS OF 4 CATEGORIES NAMELY :  UNSKILLED LABOUR: LITTLE TRAINING REQUIRED E.G DISHWASHING.  SEMISKILLED LABOUR REQUIRES SOME INSTRUCTION E.G.CASHIER

CONTINUES….  SKILLED LABOUR: REQUIRES TRAINING FROM AN EDUCATIONAL INSTITUTION E.G. CAKE DECORATING.  PROFESSIONAL LABOUR: HIGHLY TRAINED E.G TEACHERS, ACCOUNTANTS, AND ENGINEERS.

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.

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.

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

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

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.

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.

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 EMPLOYEE’S SALES.MOSTLY FOUND IN WHOLESALE BUSINESSES, AS WELL AS PEOPLE WHO SELL HIGH PRICED ITEMS SUCH AS CARS AND HOUSES

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.

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 OPTIONS:WHEN EMPLOYEES ARE OFFERED COMPANY SHARES AT A PRICE LOWER THAN THE MARKET PRICE.THIS MAKES EMPLOYEES BECOME PART OPWNERS OF THE COMPANY.