Hourly Paid or Salaried Field in Manage Employment

Summary

Hourly Paid or Salaried Field in Manage Employment

Content

Hi All-

Can you please tell me what the 'Hourly Paid or Salaried' field in the Manage Employment screen impacts?  Is this strictly informational, does it impact how the employee is paid, does it impact other configurations, does it feed other modules?  Please let me know the intent of this field and what it impacts.  

Thanks in advance for your help!
Melissa