SOCIAL RESPONSIBILITY OF ENTREPRENEURS Flashcards
should center on protecting employee and customer rights, making sure all business operations are fair and just, protecting the common good, and making sure individual values and beliefs of workers are protected.
Ethical decision-making processes
What are the Ethical Issues?
Partners
Gross Negligence
Just Wages
Employee Promotion
Employee Termination
___________ are the price that workers receive for their labor in the form of salaries, bonuses, royalties, commissions, and fringe benefits, like paid vacations, health insurance, and pensions. ________ differ among nations, regions, occupations, and individuals.
Wages
What is Wages?
are the price that workers receive for their labor in the form of salaries, bonuses, royalties, commissions, and fringe benefits, like paid vacations, health insurance, and pensions. It differs among nations, regions, occupations, and individuals.
What are the policy in setting minimum wage rates?
considers the needs of workers
employers’ capacity to pay
requirements for socio-economic development
What are the factors that should be taken into consideration in determining the wage and salary structure of workers? And Explain.
- External market factors: This refers to the supply and demand for labor and so-called economic conditions and underemployment.
- Laws and regulations: Workers must be paid with reference to the laws and regulations of the government. It obliges that employers pay no less than the minimum wage.
- Cost of living: The cost of living relates to essential maintenance needs, and it must be fatally considered in the preparation of wages.
- Existing industry rate: Some alleged that paying workers the average of what other companies are paying for identical jobs results in a fair wage.
- Organizational factors: Evaluation of what nature of the industry the organization operates, the size of the company, and the organization’s profitability to justify its ability to grant fair wages to its workers should be considered.
- Job factors: The kind of job itself entails the formulation of a just wage. Duties, responsibilities, and the skill requirements of the job are the most substantial determinants of a fair wage.
- Individual performances: The trend implies that individual performance or productivity ratings influence the determination of wage/salary increases.
This refers to the supply and demand for labor and so-called economic conditions and underemployment.
External market factors
Workers must be paid with reference to the laws and regulations of the government. It obliges that employers pay no less than the minimum wage
Laws and regulations
This relates to essential maintenance needs, and it must be fatally considered in the preparation of wages.
Cost of living
Some alleged that paying workers the average of what other companies are paying for identical jobs results in a fair wage.
Existing industry rate
Evaluation of what nature of the industry the organization operates, the size of the company, and the organization’s profitability to justify its ability to grant fair wages to its workers should be considered.
Organizational factors
The kind of job itself entails the formulation of a just wage. Duties, responsibilities, and the skill requirements of the job are the most substantial determinants of a fair wage
Job factors
The trend implies that individual performance or productivity ratings influence the determination of wage/salary increases.
Individual performances
A __________ is a national floor level set by the government.
minimum wage
A____________is what workers need to give their families decent standards of living.
living wage
