Hourly rates refer to the amount of money a worker earns for each hour of work performed. This payment structure is commonly used for jobs that do not have a fixed salary, allowing employees to be compensated based on the actual time they spend working. Hourly rates can vary widely depending on factors such as the industry, the worker's experience, and the specific job responsibilities. Employers often set hourly rates to attract talent and remain competitive in the job market. For example, freelancers and contractors frequently negotiate their hourly rates based on their skills and the demand for their services. Understanding hourly rates is essential for both workers and employers to ensure fair compensation.