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This comprehensive guide covers various aspects of employee wages, including salary structures, hourly rates, and pay periods. Non-exempt employees are entitled to overtime for hours worked beyond 40 in a week, while exempt employees, often in salaried or commission roles, are not. It also explains commission and piece rate compensation methods, incentive plans like profit sharing, and performance bonuses. Additionally, learn about employee benefits such as insurance, retirement plans, and paid vacations, as well as the importance of performance reviews and understanding layoffs.
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Wages • Salary—Make the same no matter how much you work in pay period. • Hourly Rate—Get paid per hour that you work • Pay Period are normally every other week for salary positions and weekly for hourly positions
Overtime • Non-exempt employee are workers who are normally paid an hourly wage and are entitled to earn overtime. • Overtime is usually any time you work over 40 hours.
Exempt Employees • Exempt employees are exempt from earning overtime. They are usually commission or salary positions.
Commission • Commission is when earnings are based on a percentage of sales.
Piece Rate • Piece Rate is when employees get paid per piece they make. • Many local factories use piece rates.
Incentive Plans • Profit sharing- workers receive a share of the company’s profits • The better the company performs, the more each worker receives. • Performance Bonuses—reward workers for high levels of performance.
Benefits • Benefits– are extras that a company provides in addition to pay. • Insurance • Pension Plan—Savings plan for retirement • Childcare • Paid vacation
Performance Reviews • Performance Reviews—is a meeting between you and your supervisor to evaluate how well you are doing your job. • Layoff- job loss due to the economy or reduction in the workforce
