KOCHI: As a startup you will find yourself hiring (and sometimes firing) employees more often than you’d expect. For those who are inexperienced in the hiring department and yet have to wear the hat of the HR, these are a few terms which might come handy.
Benefits: The incentives that an employee can expect out of the position they are filling, besides the salary. These may include fuel allowances, insurance etc.
Compensation: This is just another fancy word for salary. The money an employee recieves for fulfilling a certain role.OTE: it’s the abbreviation for On Target Earnings. This is the amount an employee will receive when they meet all their targets as set by the company.
Piece Rate: When an employee is paid solely on the basis of the deliverable that they produce unlike the conventional monthly salary. Time in Lieu: This is the free time that the company offers to an employee in case they have worked overtime. Instead of paying for the extra hours they put in, the employer offers the same number of hours as off-time.