chapter 8 beginning a new jobsucceeding in the world of work what you can expect from your employer...

Chapter 8 • Beginning a New Job Succeeding in the World of Work

What You Can Expect From Your EmployerWhat You Can Expect From Your Employer8.2

SECTION OPENER / CLOSERINSERT BOOK COVER ART

Section 8.2Section 8.2What You Can Expect From Your Employer

What You Can Expect From Your Employer



WHAT YOU’LL LEARN

Typical forms of paymentTypical forms of payment

Common employee benefitsCommon employee benefits

The importance of employee The importance of employee performance reviewsperformance reviews



Understanding company policies Understanding company policies and procedures will help you and procedures will help you perform your best and will protect perform your best and will protect your rights.your rights.

WHY IT’S IMPORTANT



hourly wageshourly wagesovertimeovertimenonexempt employeesnonexempt employeesexempt employeesexempt employeessalarysalarycommissioncommission

KEY TERMS

continued



profit-sharing planprofit-sharing planperformance bonusesperformance bonusespension planpension planprobationprobationlayofflayoff

KEY TERMS



Hourly wagesHourly wages are a fixed amount of are a fixed amount of pay for each hour worked.pay for each hour worked.

At the end of each week, pay is At the end of each week, pay is calculated by multiplying the number of calculated by multiplying the number of hours worked by the hourly rate.hours worked by the hourly rate.

Basic Payment MethodsBasic Payment MethodsBasic Payment MethodsBasic Payment Methods



Overtime Overtime is hours worked beyond 40 is hours worked beyond 40 hours in a week.hours in a week.

Usually, workers on overtime are paid Usually, workers on overtime are paid one and one-half times their normal pay one and one-half times their normal pay for each hour in excess of 40 hours.for each hour in excess of 40 hours.




Nonexempt employeesNonexempt employees are workers are workers who are eligible for overtime.who are eligible for overtime.

They generally earn an hourly wage.They generally earn an hourly wage.




ExemptExempt employees are workers who are employees are workers who are not eligible to earn overtime pay. They not eligible to earn overtime pay. They generally earn salaries.generally earn salaries.

A A salarysalary is a fixed amount of pay for a is a fixed amount of pay for a certain period of time, usually a month or certain period of time, usually a month or a year.a year.




Workers who earn a Workers who earn a commissioncommission are are paid based on how much they sell.paid based on how much they sell.

By basing pay on performance, this By basing pay on performance, this system aims to motivate salespeople to system aims to motivate salespeople to work harder.work harder.




A A pprofit-sharing planrofit-sharing plan is a program that is a program that gives workers a portion of their gives workers a portion of their company’s profits. company’s profits.

Incentive PlansIncentive PlansIncentive PlansIncentive Plans



With a profit-sharing plan, the better the With a profit-sharing plan, the better the company performs, the more profits company performs, the more profits workers receive. workers receive.

This encourages them to work toward This encourages them to work toward the company’s success.the company’s success.




Performance bonusesPerformance bonuses are rewards are rewards given to workers for high levels of given to workers for high levels of performance.performance.

Some companies pay bonuses to Some companies pay bonuses to workers who increase the quality or workers who increase the quality or quantity of their work.quantity of their work.




Benefits are the “extras” that a company Benefits are the “extras” that a company provides in addition to pay.provides in addition to pay.

There is usually a waiting period before There is usually a waiting period before employees are eligible for benefits.employees are eligible for benefits.

BenefitsBenefitsBenefitsBenefits



Health insurance is the most sought- Health insurance is the most sought- after benefit.after benefit.

It’s also the most expensive one for It’s also the most expensive one for employers.employers.

Health BenefitsHealth BenefitsHealth BenefitsHealth Benefits



Many employers have increased the Many employers have increased the amount that their employees are amount that their employees are required to contribute toward their health required to contribute toward their health care coverage.care coverage.

Health BenefitsHealth BenefitsHealth BenefitsHealth Benefits



A A pension planpension plan is a benefit that builds a is a benefit that builds a retirement fund for each worker. retirement fund for each worker.

Some employers make contributions for Some employers make contributions for each worker.each worker.

Retirement PlansRetirement PlansRetirement PlansRetirement Plans



Some retirement plans allow workers to Some retirement plans allow workers to contribute a portion of each paycheck to contribute a portion of each paycheck to their retirement fund.their retirement fund.

Many companies match the amount of Many companies match the amount of each worker’s contribution up to a each worker’s contribution up to a certain percentage of his or her salary.certain percentage of his or her salary.

Retirement PlansRetirement PlansRetirement PlansRetirement Plans



Convenience benefits are services that Convenience benefits are services that make workers’ lives easier, such as make workers’ lives easier, such as flexible work hours and legal counseling.flexible work hours and legal counseling.

Convenience BenefitsConvenience BenefitsConvenience BenefitsConvenience Benefits



A A cafeteria plancafeteria plan is a policy that lets is a policy that lets employees choose the benefits they employees choose the benefits they want.want.

For example, an employee might choose For example, an employee might choose disability insurance instead of vacation disability insurance instead of vacation time.time.

Cafeteria PlanCafeteria PlanCafeteria PlanCafeteria Plan


What You Can Expect From Your EmployerWhat You Can Expect From Your Employer8.2 Graphic OrganizerGraphic Organizer8.2


INCENTIVEPLANS

•Bonuses•Stock options•Profit sharing

BENEFITS•Health insurance•Paid vacations

PAYMENT•Salary•Hourly wages

•Retirement plan•Convenience benefits

•Overtime•Commission

Employee CompensationEmployee CompensationEmployee CompensationEmployee Compensation



You have the right to expect your You have the right to expect your employer to be honest with you.employer to be honest with you.

You should receive the pay and benefits You should receive the pay and benefits that were promised to you when you that were promised to you when you were hired.were hired.

Honest and Fair TreatmentHonest and Fair TreatmentHonest and Fair TreatmentHonest and Fair Treatment



You have the right to be treated fairly You have the right to be treated fairly by your employer, supervisor, and by your employer, supervisor, and coworkers.coworkers.

If you feel you have been treated If you feel you have been treated unfairly, discuss it with the person unfairly, discuss it with the person involved.involved.

Honest and Fair TreatmentHonest and Fair TreatmentHonest and Fair TreatmentHonest and Fair Treatment



Many companies have formal, Many companies have formal, scheduled scheduled performance reviewsperformance reviews..

Promotions, pay increases, new Promotions, pay increases, new responsibilities, and your future with the responsibilities, and your future with the company may be based on these company may be based on these evaluations.evaluations.

EvaluationsEvaluationsEvaluationsEvaluations



ProbationProbation is the period after an is the period after an employee is first hired, when he or she employee is first hired, when he or she is “on trial.”is “on trial.”

During your probation period, your During your probation period, your employer will decide whether you are employer will decide whether you are suited to the job.suited to the job.

EvaluationsEvaluationsEvaluationsEvaluations



A A layofflayoff is a job termination that results is a job termination that results when a company’s business becomes when a company’s business becomes slow.slow.

Workers who are laid off may be rehired Workers who are laid off may be rehired once a company’s business improves.once a company’s business improves.

Standard Separation ProceduresStandard Separation Procedures Standard Separation ProceduresStandard Separation Procedures



Companies may also terminate, or end, Companies may also terminate, or end, a worker’s employment because of that a worker’s employment because of that worker’s poor performance.worker’s poor performance.




Even if you are employed, keep your Even if you are employed, keep your job-hunting network active and your job-hunting network active and your skills up-to-date.skills up-to-date.

Put money aside to help you through Put money aside to help you through periods of unemployment.periods of unemployment.




Key Concept CheckpointKey Concept CheckpointComprehensionComprehension

1.1. Why does working for a commission Why does working for a commission offer less financial security than offer less financial security than working for a salary?working for a salary?

continued

SECTION 8.2 REVIEWSECTION 8.2 REVIEW




2.2. How do benefits improve employee How do benefits improve employee morale?morale?

continued





3.3. Why are performance reviews as Why are performance reviews as important to workers as they are to important to workers as they are to employers?employers?

continued




Key Concept CheckpointKey Concept CheckpointCritical ThinkingCritical Thinking

4.4. What steps would you take if you What steps would you take if you received a negative performance received a negative performance review?review?




SECTION OPENER / CLOSERINSERT BOOK COVER ART

End of Section 8.2End of Section 8.2What You Can Expect From Your Employer

What You Can Expect From Your Employer

chapter 8 beginning a new jobsucceeding in the world of work what you can expect from your employer...

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