Straight Piece Rate System Notes: Definitions & Explanations PDF Download
Study Straight Piece Rate System lecture notes PDF with hrm definitions and explanation to study “What is Straight Piece Rate System?”. Study straight piece rate system explanation with HRM terms to review HRM course for online MBA programs.
Straight Piece Rate System Definition:
Pay system in which wages are determined by multiplying the number of units produced by the piece rate for one unit.
Human Resource Management by Robert L. Mathis, John H. Jackson
Straight Piece Rate System Notes:
Straight piece rate framework is the most straightforward strategy for installment by result wherein installment is made by the quantity of units delivered at a fixed rate for every unit. Another sort of the straight piece rate technique is piece rate with ensured time rate in which the specialist is ensured the time rate with a chance of getting piece compensation if his profit as per piece rate framework are more than his time wage income. Laborers are paid by their benefits since differentiation is made among proficient and wasteful specialists. A productive laborer can procure more wages since wages are connected to yield. Along these lines, this technique is an enhancement for the time wage framework. Expanded generation will lessen fixed costs per unit and cost of creation will diminish, enabling a more prominent edge of benefit to the business.
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