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Business mind map (Handling compensation (Performance based pay (Some…
Business mind map
Handling
compensation
Salary
In some jobs the employers pay the employee a percentage of their sales. The percentage is usually small, and is different from their salary
A higher commission usually means the salesperson is paid a lower salary or hourly salary
Commission
Most often, people who sell to wholesale businesses or large industries, as well as people who sell high-price items such as cars and houses, are paid straight commission.
Performance based pay
Some piecework factories are also known as sweatshops where not only are wages low, but employees are forced to work in unsafe and unhealthy conditions, while getting treated horribly
Performance based pay can also cause to abuses. Some places struggle with poverty, and some employers in these countries offer very little compensation
Performance based pay is calculated by the amount of product that an employee makes in a certain amount of time
Hourly wages
Minimum wage is the lowest an employer can pay an employee, but hourly wage employees will receive an increased pay if they work overtime
A salary is a fixed amount of money that an employee gets on a day to day, weekly or monthly basis
Free for service
They estimate how much it will cost in time and
materials to do a job, and then build in an
additional fee to ensure
they earn a profit.
Royalty or licensing fee
If you write a book, record a song, or have an idea you can sell, you may receive a licensing fee or royalty.
Stock options
Businesses often offer shares as a form of compensation to attract desirable employees. The business gives employees an opportunity to buy company shares at a lower-than-market price
Incentive bonus
Many businesses offer a bonus, or reward, for good performance. Sometimes, they type of reward is called variable pay.
Companies set performance goals (also called sales quotas or targets) for each employee. If the employee meets the goal, he or she receives extra cash, a trip, a car, or something else of value.
Departures, dismissals and retirements
Outplacement counselling: when you are fired but a current employee helps make the transition easier- maybe helps find them a new job
Severance package: pay and benefits employees receive when they leave a company
Retirement: stop working by choice (usually because of age)
Pension: payment to a fund that employees contribute to while they are working (usually every pay check)
Layoff: employees are dismissed temporarily (maybe because of bankruptcy) employees can be rehired and stay on record of employment
Dismissal: ordering someone to leave (getting fired) because they did something wrong or allowing them to leave because they would like to
Some reasons why employees might leave their jobs are not getting paid enough, bad work conditions, location doesn’t work for them, they have a better offer at another job and too many or too little hours
Labour market
Skilled labour
It is important to hire good employees because they do the job better, quality of the product, safer and insurance costs might decrease
Employee can save/earn a business money by making more products, hire less people and more consumers
Types of labour
Semi skilled labour- requires some instruction (cashier)
Unskilled- little training required (dishwashers and kitchen help)
Skilled labour- require training from educational institutions or previous employment (cake decorator or plumber)
Professional labour- highly trained people within the context of a specific occupation (accountant)
Employers meet employees
Employers look at the labour market to find out about education, training and economic conditions
Employees look at, potential employers, types of skills, demands and the employment rate
The labour market is where employers meet employees
Productivity
Customer service would not be as good if employee gets tired
Unsafe environment for workers and customers if employees are tired
The boss could prevent this from happening by having multiple employees so the worker doesn't have to work all day
Job training
Orientation is a part of initial training and typically includes a tour, intro to policies on pay, work hours, benefits, behaviour expectations, dress code and health and safety procedures
The four types of training are initial training, ongoing training, specialized training and retraining
The human resources department coordinates orientation and training for all new employees
The definition of job training is different kinds of training an employer gives an employee at different points of a job
Health and safety
Sickness
Most businesses provide a few paid sick days throughout the year
Companies can use the shift system, provide healthy snacks, provide first aid kids, have a few days off and not working late nights so there employees will be healthier
Working alone
You should never be alone with the customer, if you get injured you have nobody to help you, if a mistake happens that doesn’t involve you but that you need help with you will be alone and more
Hazards
Tripping (something on the floor or in the way), posture in every part of your body, open drawers or cupbords, open scissors or available cutters and more
Rights
The right to refuse unsafe work
The right to participate
The right to refuse unsafe work
Application process
and interview
Resume- Contact information, address, skills, education, past experiences, strengths, challenges, references, hours you're available, why you want the job, and more
Cover letter- All of the information that is on your resume although more detail about what you can bring to the job and why you want it
Steps to apply for a job are usually filling out a resume, sending it in, having an interview and sometimes more
Keeping good
employees
Competition for top talent is fierce so business are offering more and more creative perks to attract and keep good employees
It is important for a company to retain good employees because then they will make the company more money, need to hire less other employees, customer service will be better, and they will overall have more consumers and a greater demand on there product.
Productivity- making things quickly and not wasting time
Determining the need
for a new employee
Employee turnover is the number of workers who leave and are replaced by new ones (worse to have a high employee turnover because more employees are leaving)
The employer starts looking for a new employee when the company is lacking consumers, losing money, an employee quits or gets laid off, and more
Looking for the
right employee
There are many places to find employees including many websites such as linkedin, facebook, and headhunters
There are many things that need to be on a job posting such as a description of the job, location, duties, skills needed, hours, sometimes salary and more