LEVEL 1
A fixed hourly rate earned by employees
WAGE
A fixed annual amount of gross pay
SALARY
Incentive pay based on quality of work done, years of service, or a company's sales and profits
BONUS
Refers to the length of time a person has held a job
SENIORITY
Amounts subtracted from your gross pay
DEDUCTIONS
"Take-home pay"
NET PAY
Forms of employer compensation in addition to pay
BENEFITS
The total amount you earn before any deductions are subtracted
GROSS PAY
A work model that allows employees to work offsite and remain in contact with their employers
TELECOMMUTING
People in a particular occupation that requires considerable training and specialized skills
PROFESSIONAL ORGANIZATIONS
Time worked beyond your regular hours
OVERTIME
Money offered to encourage employees to strive for higher levels of performance
INCENTIVE PAY
Entitled to the full retirement account
VESTED
Reductions in the amount of tax withheld from your paycheck
ALLLOWANCES
Craft, Industrial, public employee, & retail and healthcare industry
TYPES OF UNIONS
A group of people who work in the same or similar occupations, organized for the benefit of all employees in these occupations
UNION
An attempt to influence public officials to pass laws that benefit the profession
LOBBYING
A job design in which employees are trained to do more than one specialized task
JOB ROTATION
A work schedule that fits the normal 40-hour workweek into less than five days
COMPRESSED WORK WEEK
Profit sharing, paid vacations/holidays, child care, insurance, stock, etc... are examples of
BENEFITS & INCENTIVES EXAMPLES
A job design in which two people share one full-time position
JOB SHARING
A plan that allows employees to receive a portion of the company’s profits at the end of the corporate year
PROFIT SHARING
The process of negotiating a work contract for union members
BARGAINING
A work schedule that allows employees to choose their working hours within defined limits
FLEX TIME
Gross Pay - Deductions (required or optional) is the
NET PAY EQUATION