Unit 7 Flashcards
entry level position
a job for someone who has little to no work experience, and you can explore careers
One benefit of an entry level
position
You can gain new skills
One downside of an entry level position
salary and other benefits aren’t open to negotiation
two advantages for working for a large organization
- larger pay
- Better training
two advantages of working for a small organization
- increased flexibility
- wider range of experience
defined benefit plan
One where the employer contributes towards your retirement.
- The amount of money you receive at the end of space on the years of service and final or average salary amounts
Ex. Pensions
qualities of a defined benefit plan
- pension will pay out until you die
- retirement tied to your job and cannot be moved with you
- money is guaranteed
- the employer manages the money
what is a defined contribution plan?
The employee contributes pre-tax or post tax dollars towards the retirement
Ex. 401 K
qualities of a defined contribution plan
- monies are then invited into the stock market and other securities
- retirement is not tied to your job and can be moved with you
- you’re in charge of saving!
Exempt employee
paid set salary receive benefits from their specific company, but is exempt from overtime
non-exempt employee
paid hourly pay set by minimum wage in overtime paid based on hours worked per week and they qualify for overtime
something that could positively impact the companies reputation
If you work at a job that requires you to interact with customers often good and helpful customer service will make the company have a positive review
something that could negatively impact a companies reputation
if you work at a company that sells food and there is an outbreak of E. coli because of not washing hands in this have a negative reputation on the company
What is PTO and how is it different from holidays?
PTO- paid time off
PTO is different from holidays because PTO is a set number of personal and sick days whereas holidays are a benefit and you cannot expect to have every holiday off.
What is profit-sharing and why do companies offer it as an employee benefit?
profit sharing away for companies to share their portion of their profits with employees.
Employers offer it as an employee benefit because this can help build employee loyalty and trust
what is the hidden job market and how are most jobs filled in the labor market?
Hidden/ Unadvertised job market- jobs that aren’t shown/advertised
most jobs are filled in the labor market through word-of-mouth. Once you are interested in a job, you should start to build connections to put your name out there.
how do employment agencies work?
and a plan agency matches job seekers with job openings and then the seekers provide info to the agency.
why would a business choose to use employment agencies?
A business would choose to use them because it it much easier to find people that would fit with your criteria.
what is the connection between networking and word-of-mouth when seeking a job?
you would use word-of-mouth to build connections to get your name out there. Then you would use networking to connect to people and keep updated with what they are doing.
what is a civil service exam and why would someone take it?
civil service exam- when someone works for the government at a local or federal level and you have to take an exam in order to get that job
what are two types of classified ads?
Open ads and blind ads
why would a company/organization choose to use a blind ad?
A company would choose to use a blind ad so that the employer does not have to put in their information
why do companies offer benefits?
companies offer benefits in order to attract people with high talent and skills
four types of employee benefits
paid holidays
PTO
Retirement
Health/dental/vision/life insurance
