The definition of remuneration goes as far back as 1470-1480 from the Latin word remuneracion. The website, Dictionary.com states that remuneration is 1. Something that remunerates: reward; pay, and 2. Payment or compensation received for services or employment. This would include any base salary and bonuses made along with other economic benefits made of an employee or executive during their employment [1].If one looks at the definitions and they will realizes that remuneration revolves around money. As we deal with money every day and with remuneration being part of it, we need to break down the definition into a handful of examples as to understand what it is. Despite the following example coming from Canada, they are pretty much universal.
salaries and wages
bonuses, commission and other similar payments
holiday pay, taxable allowances and benefits
directors' fees
payments for casual labour
amounts paid by an employer to 'top up' benefits, and
advances of salaries and wages. [2]
Commission based remuneration is used to reward sales people on good work. These rewards are usually worked out as a percentage of the total sales price. [3]
So how is this related to collaboration? As we all have learned working together as a team, involves collaboration, and in the professional environment, this can bring rewards and benefits to the team in the way of greater respect and greater acknowledgment to the wider community. This respect, will grow if the team designs a building that wins national and international awards. By winning major awards, this will lead to the possibility of designing bigger and greater buildings, leading to larger commissions meaning more money for the team. By winning an awarded, the team, should increase the reputation of the company they work, leading to more clients and greater profits.With the whole world and our daily lives revolves around money and how we use it, remuneration is seen as an important issue. As we have seen, everyone gets some form of remuneration be that rewards, salaries or commissions. Overall, we need remuneration makes the world go around.
References
1.Dictionary.com (remuneration), viewed on 17th May 2008
2.www.rev.gov.on.ca/english/taxes/eht/faq_remuneration.html viewed on 17th May 2008
3.http://eng.wikipedia.org/wiki/Remuneration
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