Freshteam lets you set compensation parameters for your employees through different ways, here is a list of the different fields present in Freshteam and what they mean to help you choose better.
The amount of money/ salary paid to an employee at a specific duration selected.
Pay frequency is the time between an employee’s paydays (how often you pay an employee.). This shows the number of paychecks an employee receives. Payment is done either weekly, monthly, per quarter, or yearly.
A cost center is a department that generates costs but doesn’t produce any revenues. You can think of this as a necessary department that consumes resources but doesn’t contribute to the production, sales, or profitability of the business. Examples of cost centers include the human resource department, the IT department, the accounting department, and so on. The manager and employees of a cost center are responsible for its costs but are not responsible for revenues or investment decisions.
Pay groups are portions of your organization grouped together for payment processing which contains payees who share pay characteristics. All payees in a pay group will most likely have the same pay frequency and payroll calculation process.
Payment methods are how Employers pay for their Employees. An Employee can choose a payment method based on their company’s list of preferred payment methods.