KOCHI: As a startup, you will find yourself hiring employees more often than you’d expect. For those who are inexperienced in it 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 receives 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.
Contingent workforce: Workers hired on an on-demand basis, unlike permanent employees, like freelancers, consultants, contract workers etc.