Define hourly wage, piecework rate, and salary.

An organization's pay structure should reflect what the organization knows about market forces, as well as its own unique goals and the relative contribution of each job to achieving the goals. Within this structure, it may state the pay in terms of a rate per hour, commonly called an hourly wage; a rate of pay for each unit produced, known as a piecework rate; or a rate of pay per month or year, called a salary.