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What is the major reason people work?

What is the major reason people work?. Love of your job? To sharpen your soft skills? To meet new and exciting people? NO – to make money!!! Focus: How to calculate different types of pay? Chapter 8 section 2. Compelling Why!.

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What is the major reason people work?

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  1. What is the major reason people work? • Love of your job? To sharpen your soft skills? To meet new and exciting people? • NO – to make money!!! • Focus: How to calculate different types of pay? Chapter 8 section 2

  2. Compelling Why! • If you are to receive a salary, do you know how to calculate your gross pay for each pay period? • What kind of information do you need? • Hourly Workers? • Are you entitled to overtime? • How do you calculate OT?

  3. WAGES • First 40 hours is at regular pay rate. • Anything over 40 hours is at 1.5 • Nonexempt employees receive overtime.

  4. Hourly wage example • Jim worked 45 hours last week • He makes $8.90 an hour • What is his gross pay? Regular pay 40*8.9 = 356.00 Overtime pay 5*(1.5*8.9) = 66.75 Total gross pay 356.00 + 66.75 = $422.75

  5. Now – you try…Hourly wage example • Judy worked 52 hours last week • He makes $11.90 an hour • What is his gross pay? Regular pay 40*11.90 = 440.00 Overtime pay 11*(1.5*11.90) (1.5*11.90) = 17.85 17.85*12 = 214.20 Total gross pay 440.00 + 214.20 = $654.20

  6. SALARY Exempt employees - No matter how many hours you work, you get paid the same amount each pay period. 52 weeks in a year • If paid every two weeks 26 pay periods • If paid twice a month 24 pay periods • If paid once a month 12 pay periods

  7. Salary Sean’s salary is $42,500 a year What is Sean’s gross pay if he gets paid… every two weeks bi- monthly Once a month $42,500/26 $42,500/24 $42,500/12 $3,541.67 $1,770.83 $1,634.62

  8. Incentive to works because pay is directly related to the amount of work a person does Ie. Sales person and Production workers Commission

  9. CommissionCar Sales Person earns 9% commission for each car sold Sold 2 cars Car 1 - $21,790 Car 2 - $25,650 How much does the Salesperson earn? $21,790 + 25,650 47,440 x _ .09 $4,269.60

  10. Base + incentive • Jill works at Best Buy and has a bi-weekly salary of $1,000. • She earns 3% of the merchandise she sells. • She sold $6,000 in merchandise this pay period. • What is Jill’s gross pay? • $1,000 + (.03 x 6000) • $1,000 + 180 = $1,180.00

  11. Incentive Plans • Profit sharing • Workers receive a share of the company’s profits. • Performance Bonuses • Companies pay bonuses to workers who increase the quantity or quality of their work.

  12. Bell work • Besides pay – what other expectations do you have from your employer when you get a full-time job.

  13. Fringe benefits • Financial compensation in addition to wages and salary • Can cost a company 20% to 40% of a employees salary to provide benefits • ie an employee is paid $40,000 • This employee’s fringe benefits could cost between $8,000 and $16,000 a year

  14. Common fringe benefits • Life, health, dental, disability insurance • Health insurance most costly and sought after benefit • Profit-sharing & Pension plans • Builds retirement funds • Employers may also contribute • Paid Vacations • Personal Illness, and bereavement days • Absences for the birth of a child

  15. Graphic Organizer Employee Compensation INCENTIVE PLANS • Bonuses • Stock options • Profit sharing BENEFITS • Health insurance • Paid vacations • Retirement plan • Convenience benefits PAYMENT • Salary • Hourly wages • Overtime • Commission Chapter 8 • Beginning a New Job Succeeding in the World of Work

  16. THOSE REQUIRED BY LAW • Unemployment compensation • Worker’s compensation • Social Security

  17. Convenience Benefits Services that make worker’s lives easier flexible work hours fitness center On-site childcare What can you think of? Cafeteria Plan Not a benefit but a policy that lets employees chose the benefits they want. ie an employee may choose disability insurance over vacation time.

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