Employment - Meaning and Features
Meaning of Employment
Employment is the economic activity, rendered by one person to another, under a contract of service, for some remuneration.
Examples:
- Software Developer: Professionals who design, code, and maintain software applications for companies or clients.
2. Teacher: Educators who work in schools, colleges, or universities, imparting knowledge and skills to students.
3. Nurse: Healthcare workers who provide patient care, administer medications, and assist doctors in hospitals or clinics.
4. Sales Manager: Individuals who oversee sales teams, develop strategies to meet sales targets, and manage client relationships.
5. Customer Service Representative: Employees who assist customers with inquiries, complaints, and service requests via phone, email, or in-person interactions.
Employment - Meaning and Features
Features of Employment
(a) Work for another
Employment is an arrangement where an individual (employee) provides their labor and services to another individual or organization (employer). The employee performs tasks and duties as directed by the employer in exchange for compensation.
(b) Terms and conditions
Employment involves specific terms and conditions agreed upon by both the employer and employee. These include working hours, duration of employment, leave entitlements, salary or wages, job responsibilities, and the location of work. These conditions are often outlined in an employment contract or agreement.
(c) Periodical remuneration
Employees receive regular payments for their work, typically in the form of a salary (monthly) or wages (daily or weekly). This remuneration is agreed upon before employment begins and is a key motivation for employees to perform their duties.
(d) Contract of employment
The relationship between an employer and employee is legally defined by an employment contract. This contract specifies the rights and obligations of both parties. If either party fails to adhere to the contract terms, the other party can seek legal remedies.
(e) Skilled/Unskilled/semi-skilled
Employment encompasses a range of job types requiring different levels of education and skills. Unskilled jobs require no special training, semi-skilled jobs require some level of education or training, and skilled jobs require extensive training or technical education.
(f) Economic motive
The primary aim of employment is economic gain. Employees work to earn a stable income through wages or salaries, which helps them support themselves and their families financially. This economic motive drives people to seek and maintain employment.
Meaning and Nature of Business Risk
Learning Games and Activities in Business Studies Class 11
Nature of Business Quiz