LEVEL 1
A fixed hourly rate earned by employees
Wage
Forms of employer compensation in addition to pay
Benefits
A job design in which employees are trained to do more than one specialized task
Job Rotation
A work model that allows employees to work offsite and remain in contact with their employers
Telecommuting
Amounts subtracted from your gross pay
Deductions
A group of people who work in the same or similar occupations, organized for the benefit of all employees in these occupations
Union
Term refers to the length of time on the job
Seniority
The total amount you earn before any deductions are subtracted
Gross Pay
A job design in which 2 people share one full time position
Job Sharing
Reductions in the amount of tax withheld from your paycheck
Allowances
A type of incentive pay based on the quality of work done, years of service or a company's sales and profits
Bonus
Time worked beyond your regular hours
Overtime
An attempt to influence public officials to pass laws that benefit the profession
Lobbying
A work schedule that allows employees to choose their working hours within defined limits
Flextime
Net Pay Equation
Gross Pay - Deductions =
A fixed annual amount of gross pay
Salary
When employees become entitled to the full retirement account
Vested
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 an employment contract for union members
Bargaining
Gross Pay Equation
Regular Pay + OT Pay =
Time & 1/2
Overtime Rate
Money offered to encourage employees to strive for higher levels of performance
Incentive Pay
"Take-home Pay"
Net Pay
A work schedule that fits the normal 40-hour workweek into less than five days
Compressed Work Week
What is the advantage OR the disadvantage of taking a leave of absence?
Job Security = advantage, Unpaid = disadvantage