What is standard premium in SAP SRD-HR-TM - Time Management?

SAP Term: standard premium

• Component: SRD-HR-TM

• Component Name: Time Management

• Description: A grouping of pre-defined forms of compensation for working additional or unsociable hours. Examples include, compensation, overtime, holiday, weekend, and call in.

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• Key Concepts: 
  Standard Premium is a feature in SAP SRD-HR-TM Time Management that allows employers to pay employees an additional amount of money for working on certain days or times. This additional payment is known as a premium and is usually based on the number of hours worked or the type of work performed. 
  
  How to use it: 
  Standard Premium can be used to reward employees for working overtime, on weekends, or during holidays. It can also be used to incentivize employees to work during peak times or in certain departments. To set up Standard Premium, employers must first define the criteria for when the premium will be paid, such as the number of hours worked or the type of work performed. Then, they must set up the premium rate and assign it to the relevant employees. 
  
  Tips & Tricks: 
  When setting up Standard Premium, employers should consider how it will affect their budget and payroll costs. They should also consider how it will affect employee morale and productivity. Additionally, employers should ensure that they are compliant with any applicable labor laws and regulations when setting up Standard Premium. 
  
  Related Information: 
  For more information about Standard Premium in SAP SRD-HR-TM Time Management, please refer to the official SAP documentation. Additionally, there are many online resources available that provide helpful tips and advice on setting up and using Standard Premium.