chapter 6 Flashcards
labour market
where employers meet employees
occupational forecast
involve predictions about jobs to help inform individuals about future job conditions and wages
hourly wages
common payment method paid per hour of work the minimum being the minimum wage
Minimum wage
The bare minimum you can be paid per hour
overtime
higher than hourly rate for working over the scheduled time or on holidays
Salary
a fixed amount of money paid on a regular schedule by week or by month
salary plus commision
Paid by the amount of sales based on commission
straight commision
based on employees sales
Incentive bonus
when employees perform well they may be rewarded with bonuses
Fee for service
A complete job is paid by one fee, and is usually
documented in a signed contract.
Stock Options
allows employees of the company to buy stock at a lower price
stick pay
are wages paid to employees who are absent from work due to illness
Perks
specials benefits like coffee in the morning
exit interview
the employee may discuss their future goals, provide some feedback about the workplace
Layoffs
due to financial cutbacks
pension
a monthly, taxable benefit that replaces part of your income when you retire.
Severance package
If provided, outplacement counseling offers terminated employees ways to find new jobs.
Employee turnover
a way to measure how often employees leave a company and are replaced by new ones.
Corrective interview
an interview with the current employee where the supervisor states there aware of the deteriorating job performance.
