Compensation
What is the difference between wages and salaries?
Wages are hourly, while salaries are fixed amounts paid periodically.
What is a mission statement, and how does it differ from a vision statement?
A mission statement describes a company’s purpose today, while a vision statement outlines future goals.
What is the purpose of an organizational chart?
To clarify roles, responsibilities, and reporting lines within a company.
What is an example of a big-box gym?
Planet Fitness or LA Fitness.
What is one reason for the growth of budget gyms post-pandemic?
Their low-cost model attracted cost-conscious members.
Name one advantage and one disadvantage of being a salaried employee.
Advantage: Steady, predictable income. Disadvantage: No extra pay for overtime
Why is it important to have a clear company vision?
It provides direction and inspiration for growth and helps guide decision-making.
Name one benefit of a well-structured organizational chart.
It facilitates effective communication within the organization.
What is a key feature of boutique fitness gyms?
They specialize in one type of workout, such as cycling or HIIT.
How have virtual/online gyms adapted post-pandemic?
They offer flexibility and personalized coaching through apps or streaming platforms.
Which type of compensation includes a percentage of company profits distributed to employees?
Profit sharing.
Name two key elements of a strategic plan.
Needs analysis and strategy formation.
What should be included in a job description to ensure clarity and proper role assignment?
Qualifications, roles and responsibilities, compensation, and career advancement opportunities.
Which type of gym offers round-the-clock access with minimal staffing?
24/7 access gyms like Anytime Fitness.
Name one trend in the health and fitness industry that focuses on sustainability.
Eco-friendly practices in fitness facilities.
How do commissions motivate employees, and what potential pressure can they create?
Commissions incentivize employees to meet sales goals but can also create pressure to sell.
How do annual plans support long-term strategic goals?
Annual plans break down the strategy into actionable steps for the upcoming year.
What factors should you consider when determining if a role should be filled by an independent contractor or a payroll employee?
Flexibility, job security, access to benefits, and the length of the employment.
How did luxury fitness gyms manage to recover post-pandemic?
They implemented safety protocols and offered exclusive, high-end experiences.
What role do wearables like Fitbits or Apple Watches play in the health and fitness industry?
They increase awareness of activity levels and encourage healthier habits.
Explain the differences between pay for time not worked and benefits.
Pay for time not worked includes vacation and sick leave; benefits are non-monetary perks like health insurance.
What role does evaluation and monitoring play in strategic planning?
It tracks performance, adjusts the plan based on data, and ensures alignment with long-term goals.
How can specific job descriptions enhance employee motivation?
By clarifying roles and performance expectations, they ensure employees’ skills are utilized effectively.
How do specialty gyms cater to niche markets, and give one example?
They offer specific training for sports or disciplines, such as CrossFit or rock climbing gyms.
Why have outdoor fitness facilities seen growth since the pandemic?
Outdoor workouts were considered safer, and many people prefer the fresh air and varied environments.