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Pay, Benefits, and Working Conditions.


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6. Pay, Benefits, and Working Conditions. 6.1 Understanding Pay and Benefits 6.2 Work Schedules and Unions. Lesson 6.1 Understanding Pay and Benefits. GOALS Compute payroll deductions and net pay. Identify optional and required employee benefits. Gross Pay, Deductions, and Net Pay.
Transcripts
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6 Pay, Benefits, and Working Conditions 6.1 Understanding Pay and Benefits 6.2 Work Schedules and Unions

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Lesson 6.1 Understanding Pay and Benefits GOALS Compute finance reasonings and net pay. Recognize discretionary and required worker benefits. Part 6

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Gross Pay, Deductions, and Net Pay Gross pay is the aggregate sum you procure before any derivations are subtracted. Sums subtracted from your gross pay are called findings . When all findings are removed from your gross pay, the sum left is your net pay . Gross Pay – Deductions = Net Pay Chapter 6

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Gross Pay Calculation Gross pay with extra minutes Overtime is time worked past the general hours. Extra minutes rate is 1½ times the consistent rate. Normal Pay + Overtime Pay = Gross Pay Chapter 6

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Example of Gross Pay Calculations for Hourly Employee Chapter 6

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Salary might be expressed as a yearly sum. The yearly sum is separated into equivalent adds up to be paid every payroll interval. Regular payroll interval Monthly Twice per month Every two weeks Weekly Chapter 6

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Example of Gross Pay Calculations for Salaried Employee Chapter 6

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Deductions Amounts subtracted from your gross pay are called derivations . A few conclusions, for example, Social Security duty and government wage assessment, are required by law. Different findings are discretionary. Part 6

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Net Pay When all conclusions are removed from your gross pay, the sum left is your net pay . Measure of your paycheck "Salary" Amount you can really spend as you wish Chapter 6

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Self-Employed Requirements Estimated charge installments quarterly (four times amid the year) Social Security assessment and Medicare charge Self job duty is the aggregate Social Security and Medicare charge, including business coordinating commitments, paid by individuals who work for themselves. The aggregate assessment rate is 15.3 percent of gross salary. Government disability assessment is 12.4 percent Medicare duty is 2.9 percent Chapter 6

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Profit sharing Paid excursions and occasions Employee administrations Child care Sick pay Leaves of nonappearance Insurance Bonuses and investment opportunities Pension and reserve funds arranges Travel costs Benefits and Incentives Chapter 6

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Profit Sharing Profit sharing is an arrangement that permits representatives to get a segment of the organization's benefits toward the end of the corporate year. The more benefits the organization makes, the more the organization needs to impart to workers. Benefit sharing is viewed as impetus pay — cash offered to urge representatives to make progress toward more elevated amounts of execution. Section 6

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Paid Vacation Most organizations give full-time representatives a set measure of paid get-away time. While you are out of town, you are paid not surprisingly. The measure of excursion time regularly changes with years of administration. Part 6

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Paid Holidays Paid occasions normally include: Christmas, Thanksgiving, Fourth of July, Labor Day, and Memorial Day Other occasions that numerous organizations consider paid occasions are New Year's Day, Veterans Day, Martin Luther King Day, and Presidents Day. A representative required to take a shot at an occasion is typically paid twofold or more than twofold the standard hourly rate of pay. Section 6

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Employee Services Employee administrations are the additional items that organizations offer keeping in mind the end goal to enhance worker confidence and working conditions. Illustrations include: Employee rebates Social and recreational projects Free stopping Tuition repayment for school courses Wellness programs Counseling for representative issues Chapter 6

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Child Care Onsite youngster care offices Coverage of kid consideration costs as a piece of worker advantage bundles Chapter 6

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Sick Pay Many organizations additionally give a recompense of days every year for sickness, with pay obviously. It is standard to get three to ten days a year as "wiped out days" without derivations from pay. Section 6

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Leaves of Absence Some businesses permit representatives to briefly leave their employments (without pay) and come back to their occupations at a later time. There are regularly confinements on the explanation behind a leave, for example, having youngsters or finishing instruction. Impediment: Unpaid Advantage: Job security Chapter 6

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Personal Days Some businesses permit individual days (unlucky deficiencies for individual reasons) so workers can go to critical matters without phoning in "wiped out" when they aren't debilitated. Part 6

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Insurance Most extensive organizations give bunch protection arrangements to all workers. A couple arrangements are paid for completely by the business, as a piece of representative pay. Most arranges require that representatives pay for their very own portion scope, and additionally to cover wards. Basic sorts of protection arrangements Group medical coverage Group extra security Group dental protection Group vision protection Chapter 6

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Bonuses and Stock Options Bonuses are motivator pay in light of nature of work done, years of administration, or organization deals or benefits. Investment opportunities give representatives the privilege to purchase a set number of shares of the organization's stock at an altered cost. Section 6

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Pension and Savings Plans Pension arrangements are supported by the business. Resigned representatives get a month to month check. Representatives get to be vested (qualified for the full retirement account) after a predetermined timeframe, for example, five years. Part 6

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Employer-Sponsored Retirement Savings Plans Common arrangements 401(k) for private businesses 403(b) for government bosses Employees place cash in these records. The business may likewise (yet is not required to) contribute cash to the representative's record. Part 6

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Travel Expenses Company auto Mileage remittance Daily stipend to cover lodging, suppers, and other travel costs Expense reports and receipts Chapter 6

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Evaluating Employee Benefits for the most part are not assessable to workers (aside from rewards and different advantages paid in real money), yet they give profitable scope and points of interest. For the most part, expansive organizations give more broad discretionary advantages than do little organizations. Lately, representative advantages have been extended to address the issues of various life circumstances. Part 6

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Lesson 6.2 Work Schedules and Unions GOALS Describe adaptable work courses of action for representatives. Depict the part of unions and expert associations. Part 6

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Flexible Work Arrangements Many businesses are reacting to the changing ways of life and requirements of their representatives. By outlining more adaptable occupations, managers can lessen truancy, burnout, and turnover. Part 6

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Altered Workweeks Many firms have tried different things with adjusted work filled weeks to make tracks in an opposite direction from the standard eight-hours-a-day, five-days-a-week work plan. Two illustrations are strategic scheduling and the packed week's worth of work. Section 6

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Flextime Flexible planning, or strategic scheduling , is a work routine that permits representatives to pick their working hours inside characterized limits. Center day and age Negotiated beginning and closure times Chapter 6

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Compressed Workweek A compacted week's worth of work is a work routine that fits the typical 40-hour week's worth of work into under five days. The regular packed week's worth of work is ten hours a day for four days, trailed by three days off. Part 6

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Job Rotation Job revolution is work plan in which representatives are prepared to accomplish more than one specific undertaking. Representatives "pivot" starting with one undertaking then onto the next. Points of interest of occupation turn include: Gives representatives assortment in their and permits them to utilize diverse abilities Reduces fatigue and burnout, prompting more noteworthy employment fulfillment Allows with the expectation of complimentary trade of data and thoughts Keeps work streaming when one laborer is truant Chapter 6

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Job Sharing Job sharing is an occupation outline in which two individuals offer one full-time position. They split the compensation and advantages as indicated by every individual's commitments. Work sharing is particularly alluring to individuals who need low maintenance work. By fulfilling workers' requirements for more individual time, work sharing decreases non-appearance and lateness, brings down exhaustion, and enhances efficiency. Section 6

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Permanent Part-time Many representatives work just low maintenance (16–25 hours a week). Organizations can save money on pay and advantages by contracting perpetual low maintenance workers. Low maintenance work generally gives a few advantages to the worker, for example, professional stability, while permitting flexibility to invest more energy far from work. Section 6

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Telecommuting Advances in innovation have made working from home conceivable. Remote workers can work at home or out and about and stay in contact with their director and collaborators through email, fax, mobile phone, and different advances. Representatives who work from home frequently do PC related work, for example, information section, Web outline, data handling, or programming advancement. Working at home is advantageous and gives the laborer adaptability. Working from home does not function admirably in a few employments. Section 6

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Labor Unions are gatherings of individuals combined for a typical reason. A worker's organization is a gathering of individuals who work in the same or comparable occupations, composed for the advantage of all representatives in these occupations. Section 6

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Functions of Unions Recruit new individuals Engage in aggregate haggling Support political applicants who bolster individuals' interests Provide bolster administrations for individuals Chapter 6

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Collective Bargaining The principle capacity of unions is aggregate dealing , which is the way toward arranging a work contract for union individuals. Terms of the agreement set working conditions, compensation, extra time rates, hours of work, and advantages. Part 6

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(proceeded with) Collective Bargaining Work contracts spell out grievance methods. A grievance is a formal protest, by a worker or by the uni