Human Resources Management Flashcards
(14 cards)
Compensation Methods:
Factors:
- Skill required for the job
- Conditions within which the work is performed
- Amount of education and experience
- Supply and demand of that type of worker
- Economic conditions
Wages
Compensation paid on hourly basis
Salaries
Compensation paid on other than hourly basis, such as weekly or monthly
Fair Labor Standards Act:
Employees who work more than 40 hours must be paid 1 1/2 times their regular pay rate for all hours over 40
Four Compensation Systems:
Time Plan
Commission Plan
Piece-rate Plan
Base plus Incentive Plan
Time Plan
- most common
- # of hours times rate of pay
Commission Plan
- pays a % of sales
- provides direct incentive
Piece-rate Plan
-pays a fixed rate for each unit of production
Base plus Incentive Plan
- guaranteed minimum amount of wage or salary
- potential to earn additional amount of money based on their own production/performance
Employee Benefits
Fringe Benefits:
- compensation in addition to salaries and wages
Customary Benefits
Insurance, Profit sharing, Retirement plans, and Vacation/paid sick days
Hours of Work
Flex-time
Job sharing
Flex-time:
Allows employees to choose the hours they work during the day
Job sharing:
allows two people to share one full-time job
