Employment is a contract between an organization and an individual, where the person works for the company in return for some salary or other benefits. In simple terms employment means having a job for which wage is paid. When a person runs his own business, it is also referred as self-employment.
The employment contract can be in writing or it can be made orally. While negotiating the employer and employee are free to agree to any terms and conditions but the rights of the employee should not be violated in the agreement of employment. It is the employer who decides what work, where, when, how and why the employee will perform the work. However if an employee enjoys autonomy then it is a result of the employers culture.
The employer may be a corporation or a nonprofit organization. The compensation received by the employee may be in the form of hourly wages, piecewise payment or monthly salary. In some places like in nonprofit organizations the employees receive gratitude’s. In some other places employees receive bonus payment, stock options and benefits like health insurance.