Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 SECTION OPENER / CLOSER INSERT BOOK COVER ART Section 8.2 What 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 8.2 WHAT YOU’LL LEARN Typical forms of payment Common employee benefits The importance of employee performance reviews

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Understanding company policies and procedures will help you perform your best and will protect your rights. WHY IT’S IMPORTANT

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 hourly wages overtime nonexempt employees exempt employees salarycommission KEY TERMS continued

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 profit-sharing plan performance bonuses pension plan probationlayoff KEY TERMS

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Hourly wages are a fixed amount of pay for each hour worked. At the end of each week, pay is calculated by multiplying the number of hours worked by the hourly rate. Basic Payment Methods

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Overtime is hours worked beyond 40 hours in a week. Usually, workers on overtime are paid one and one-half times their normal pay for each hour in excess of 40 hours. Basic Payment Methods

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Nonexempt employees are workers who are eligible for overtime. They generally earn an hourly wage. Basic Payment Methods

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Exempt employees are workers who are not eligible to earn overtime pay. They generally earn salaries. A salary is a fixed amount of pay for a certain period of time, usually a month or a year. Basic Payment Methods

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Workers who earn a commission are paid based on how much they sell. By basing pay on performance, this system aims to motivate salespeople to work harder. Basic Payment Methods

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 A profit-sharing plan is a program that gives workers a portion of their company’s profits. Incentive Plans

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 With a profit-sharing plan, the better the company performs, the more profits workers receive. This encourages them to work toward the company’s success. Incentive Plans

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Performance bonuses are rewards given to workers for high levels of performance. Some companies pay bonuses to workers who increase the quality or quantity of their work. Incentive Plans

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Benefits are the “extras” that a company provides in addition to pay. There is usually a waiting period before employees are eligible for benefits. BenefitsBenefits

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Health insurance is the most sought- after benefit. It’s also the most expensive one for employers. Health Benefits

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Many employers have increased the amount that their employees are required to contribute toward their health care coverage. Health Benefits

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 A pension plan is a benefit that builds a retirement fund for each worker. Some employers make contributions for each worker. Retirement Plans

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Some retirement plans allow workers to contribute a portion of each paycheck to their retirement fund. Many companies match the amount of each worker’s contribution up to a certain percentage of his or her salary. Retirement Plans

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Convenience benefits are services that make workers’ lives easier, such as flexible work hours and legal counseling. Convenience Benefits

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 A cafeteria plan is a policy that lets employees choose the benefits they want. For example, an employee might choose disability insurance instead of vacation time. Cafeteria Plan

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Graphic Organizer 8.2 Chapter 8 Beginning a New JobSucceeding in the World of Work INCENTIVE PLANS Bonuses Stock options Profit sharing BENEFITS Health insurance Paid vacations PAYMENT Salary Hourly wages Retirement plan Convenience benefits Overtime Commission Employee Compensation

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 You have the right to expect your employer to be honest with you. You should receive the pay and benefits that were promised to you when you were hired. Honest and Fair Treatment

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 You have the right to be treated fairly by your employer, supervisor, and coworkers. If you feel you have been treated unfairly, discuss it with the person involved. Honest and Fair Treatment

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Many companies have formal, scheduled performance reviews. Promotions, pay increases, new responsibilities, and your future with the company may be based on these evaluations. EvaluationsEvaluations

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Probation is the period after an employee is first hired, when he or she is “on trial.” During your probation period, your employer will decide whether you are suited to the job. EvaluationsEvaluations

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 A layoff is a job termination that results when a company’s business becomes slow. Workers who are laid off may be rehired once a company’s business improves. Standard Separation Procedures

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Companies may also terminate, or end, a worker’s employment because of that worker’s poor performance. Standard Separation Procedures

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Even if you are employed, keep your job-hunting network active and your skills up-to-date. Put money aside to help you through periods of unemployment. Standard Separation Procedures

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Key Concept Checkpoint Comprehension 1.Why does working for a commission offer less financial security than working for a salary? continued SECTION 8.2 REVIEW

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Key Concept Checkpoint Comprehension 2.How do benefits improve employee morale? continued SECTION 8.2 REVIEW

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Key Concept Checkpoint Comprehension 3.Why are performance reviews as important to workers as they are to employers? continued SECTION 8.2 REVIEW

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 Key Concept Checkpoint Critical Thinking 4.What steps would you take if you received a negative performance review? SECTION 8.2 REVIEW

Chapter 8 Beginning a New JobSucceeding in the World of Work What You Can Expect From Your Employer 8.2 SECTION OPENER / CLOSER INSERT BOOK COVER ART End of Section 8.2 What You Can Expect From Your Employer What You Can Expect From Your Employer