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Compensation Decision
Comparable Worth/Compensation
Types of Compensation
Employee Benefits
BONUS
100
Define Compensation and Compensation System.
Compensation: the payment employees receive in return for their labor Compensation system: the policies and strategies that determine employee compensation
100
True or False: There have been pieces of legislation that have been passed to ensure that all workers will receive equal pay for comparable worth.
True, but this problem still persists. Their are still many conflicts about women getting paid less than men.
100
Define commission. What kind of job would receive this type of payment?
A commission is a payment that is a percentage of sales revenue. Sale representatives and sales managers often are paid through commission.
100
Define employee benefit.
An employee benefit is a reward in addition to regular compensation that is provided indirectly to employees.
100
What club is Mrs. Hunte in charge of?
FBLA
200
What are the three management decisions that most firm's compensation system requires?
Wage level, wage structure, and individual wages.
200
Define comparable worth.
A concept that seeks equal compensation for jobs that require about the same level of education, training, and skill.
200
Name the six types of compensation.
Hourly wage, weekly or monthly salary, commissions, incentive payments, lump-sum salary increases, and profit sharing.
200
What are the five types of benefits?
Pay for time not worked, insurance packages, pension and retirement plans, legally required benefits, and other benefits
200
What is Mrs. Hunte's first name?
Karen
300
Define wage survey. Who collects the data for the wage surveys?
A collection of data on prevailing wage rates within an industry or a geographic area. Surveys are collected by industry associations, local governments, personnel associations, and (occasionally) individual firms.
300
Name a benefit of being an hourly worker.
The employee will be able to receive overtime. Overtime is time and a half.
300
Define profit sharing. What is this the purpose of this type of this type of compensation?
Profit-sharing is the distribution of a percentage of a firm’s profit among its employees. It helps to motivate employees' to have good work ethic by giving them a stake in the company’s financial success.
300
Define flexible benefit plan.
A plan in which an employee receives a predetermined amount of benefit dollars and may allocate those dollars to various categories of benefits in the mix that best fits his or her needs
300
Where does Mrs. Hunte grade assignments?
Panera Bread
400
Define job evaluation. Describe one technique to evaluate jobs.
The process of determining the relative worth of the various jobs within a firm. Ways to evaluate jobs: Rank all the jobs within the firm according to value and job analysis or point system
400
How can merit pay positively influence the business and its employees?
Allows management to control labor costs and encourages employees to improve their work performance.
400
Define salary. Name a positive and a negative for being a salaried worker.
A salary is a specific amount of money paid for an employee’s work during a set calendar period, regardless of the actual number of hours worked. Pro: Employee does not lose money from being absent from work Con: Employee does not receive overtime
400
True or False: Administering flexible benefit plans is expensive
True
400
What other class does Mrs. Hunte teach?
College Accounting
500
What are the two factors that are considered when determining an individual's salary? Also, provide specific examples.
The employee’s initial rate must be established. It is based on experience, other qualifications, and expected performance. The employee may also be given pay increases based on seniority and performance.
500
Name at least three factors influencing the amount of money an employee will receive as an incentive payment.
The size of the payment depends on the firm’s earnings, on the particular employee’s length of service with the firm, and the employee's performance.
500
Define incentive payments. Give an example of this type of compensation.
An incentive payment is a payment in addition to wages, salary, or commissions. An example is merit pay. Employees will receive this type of compensation for good work performance.
500
Why do businesses choose to have flexible benefit plans? (3 reasons)
Every employee has different needs, so a flexible benefit plan will allow the employee to choose a benefit that will specifically satisfy their personal needs. A flexible benefit plan will allow the business to minimize costs because only a specific amount is allocated to each employee, rather than having the amount open and easily increasable at any time. Businesses with flexible plans are considered employee-friendly, which will help them to attract and retain new employees.
500
Where was Mrs. Hunte born?
Saint Kitts island