what is the major reason people work?
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What is the major reason people work?. Love of your job? To sharpen your soft skills? To meet new and exciting people? NO – to make money!!! Focus: How to calculate different types of pay? Chapter 8 section 2. Compelling Why!. - PowerPoint PPT PresentationTRANSCRIPT
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What is the major reason people work?
Love of your job? To sharpen your soft skills? To meet new and exciting people?NO – to make money!!!
Focus: How to calculate different types of pay?
Chapter 8 section 2
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Compelling Why!If you are to receive a salary, do you know how to calculate your gross pay for each pay period?What kind of information do you need?
Hourly Workers? Are you entitled to overtime? How do you calculate OT?
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WAGESFirst 40 hours is at regular pay rate.
Anything over 40 hours is at 1.5
Nonexempt employees receive overtime.
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Hourly wage example
Jim worked 45 hours last week He makes $8.90 an hourWhat is his gross pay?
Regular pay 40*8.9 = 356.00Overtime pay 5*(1.5*8.9) = 66.75
Total gross pay 356.00 + 66.75 = $422.75
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Now – you try…Hourly wage example
Judy worked 52 hours last week He makes $11.90 an hourWhat is his gross pay?
Regular pay 40*11.90 = 440.00Overtime pay 11*(1.5*11.90)(1.5*11.90) = 17.8517.85*12 = 214.20
Total gross pay440.00 + 214.20 = $654.20
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SALARYExempt employees - No matter how many
hours you work, you get paid the same amount each pay period.
52 weeks in a yearIf paid every two weeks 26 pay periodsIf paid twice a month 24 pay periodsIf paid once a month 12 pay periods
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SalarySean’s salary is $42,500 a yearWhat is Sean’s gross pay if he gets paid…
every two weeks
bi- monthly Once a month
$42,500/26 $42,500/24 $42,500/12
$1,634.62 $1,770.83 $3,541.67
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Commission
Incentive to works because pay is directly related to the amount of work a person does
Ie. Sales person and Production workers
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Commission Car Sales Person earns 9% commission for each car soldSold 2 carsCar 1 - $21,790Car 2 - $25,650How much does the Salesperson earn?
$21,790
+ 25,650
47,440
x _ .09
$4,269.60
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Base + incentiveJill works at Best Buy and has a bi-weekly salary of $1,000. She earns 3% of the merchandise she sells. She sold $6,000 in merchandise this pay period.What is Jill’s gross pay?$1,000 + (.03 x 6000) $1,000 + 180 = $1,180.00
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Incentive Plans
Profit sharing Workers receive a share of the
company’s profits.
Performance Bonuses Companies pay bonuses to workers
who increase the quantity or quality of their work.
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Bell work
Besides pay – what other expectations do you have from your employer when you get a full-time job.
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Fringe benefits
Financial compensation in addition to wages and salaryCan cost a company 20% to 40% of a employees salary to provide benefitsie an employee is paid $40,000This employee’s fringe benefits could cost between $8,000 and $16,000 a year
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Common fringe benefits
Life, health, dental, disability insurance
Health insurance most costly and sought after benefit
Profit-sharing & Pension plans
Builds retirement funds
Employers may also contribute
Paid Vacations
Personal Illness, and bereavement days
Absences for the birth of a child
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Graphic OrganizerGraphic Organizer
Chapter 8 • Beginning a New Job Succeeding in the World of Work
INCENTIVEPLANS
•Bonuses•Stock options•Profit sharing
BENEFITS•Health insurance•Paid vacations
PAYMENT•Salary•Hourly wages
•Retirement plan•Convenience benefits
•Overtime•Commission
Employee CompensationEmployee CompensationEmployee CompensationEmployee Compensation
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THOSE REQUIRED BY LAW
Unemployment compensation
Worker’s compensation
Social Security
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Convenience Benefits
Services that make worker’s lives easierflexible work hoursfitness centerOn-site childcare
What can you think of?
Cafeteria Plan
Not a benefit but a policy that lets employees chose the benefits they want.
ie an employee may choose disability insurance over vacation time.