Earnings and Job Advancement “Opportunity is missed by most people because it is dressed in...
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Earnings and Job Advancement
“Opportunity is missed by most people because it is dressed in overalls and looks
like work.” ----Thomas Edison
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Earnings
• Compensation: total amount of income and benefits you receive from your job.
• Benefits: various non-wage compensations provided to employees in addition to their normal wages or salaries
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Benefi ts
Benefits can be based on pay grade or pay scale, education needed, tasks involved, skills used, abilities required, etc.
Why do companies offer benefits?Benefits can lead to harder-working, more loyal and satisfied employees.
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Benefi ts
Benefit Packages can include:• Medical insurance• Life & long-term disability Insurance• Leave benefits (sick days, vacation, etc.)• Retirement benefits
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Benefi ts
• Some companies offer a cafeteria plan that all allow employees to choose the benefits that are the most important to them.
• Some Cafeteria plans may offer employees the opportunity to purchase at a much reduced rate: life insurance, cancer insurance, short and long-term disability insurance; 401K retirement plans
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Compensation Package (Book calls it Fringe benefits)
• Total compensation package: the sum total of all benefits, monetary and otherwise, an employee receives from a company. The packages are designed to attract and retain talent and dedicated workers.
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Wages
• Gross Pay: The amount of money you make before any deductions are taken
• Net Pay: The amount of money you actually bring home, all deductions have been taken out.
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Payroll Deduction Calculator
• Payroll Calculator
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Deductions
• FICA: acronym for Federal Insurance Contributions Act. Better knows as Social Security Tax
• Federal Income Tax• State Income Tax• Insurance: Medical, short-and long-term disability,
cancer, dreaded illness, etc.• Union Dues• Charity• Savings
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Salary
• Hourly wage• Overtime pay• Piece Rate• Commissions• Tips• Bonuses• Fringe Benefits
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Activity• Research the Social Security Act of 1935• Write a ½ page summary about the Act.• Write a ½ page discussion of your opinion of
Social Security and how it was developed and how it is handled today.
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Statement of Earnings
• Attached to your paycheck it shows your gross pay, deductions, and net pay.
• Deductions are also called Withholdings
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Pay Raise
• Automatic: raises are give at regular intervals: such as after 6 months, 5 years, 10 years, etc.
• Merit raise: based on the amount and quality of an employee’s work.
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Job Change
• Promotion: an advancement to a higher-level job within a company. The new position usually brings a new title, more money, and more responsibility
• Promotion opportunities occur for two reasons 1) a new position is created within the company; 2) Or, a vacancy occurs because someone was promoted to higher position or left the company
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Job Change
• Lack of opportunity with your present employer
• You find a better opportunity elsewhere• You don’t like your present job• Change in personal /family situation• You lose your job
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Being Fired
• Reasons a person gets fired from a job1. Dishonesty, evasion, lack of integrity, stealing2. Lying on a resume or application3. Refusing to follow directions/orders4. Talking too much, or conducting personal
business at work5. Unreliable work and behaviors
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Being Fired
• Top 10 Reasons a person gets fired from a job6. Can’t get along with other people7. Too slow, make numerous errors8. Miss too much work9. Drug or alcohol problem10. Inability to do the actual job11. Sleeping at work12. Sexual Harassment
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Signs that You Might be getting the Pink Slip
• Are you no longer in the loop• Did you recently screw-up BIG TIME• Are people avoiding you?• Did you last performance review read like a
train wreck• Has your company been recently sold• Have you been given impossible jobs with no
chance for success
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Signs that You Might be getting the Pink Slip
• Do you have less responsibility• Has your office recently been down-sized• Did you recently receive a pay freeze or worse
yet a pay cut?• Have you seen a job posting for your company
that matches your job description• Does everyone hate you• Have you recently been asked to take some time
off
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Signs that You Might be getting the Pink Slip
• Are you noticing paper trails between you and your supervisor?
• Are you finding it impossible to get something approved?
• Do your successes or accomplishments go without recognition?
• Have your recently been demoted?
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What to do if you’re FIRED
• Be prepared for the worst? Be preemptive• Don’t be argumentative: arguing with your
employer serves no purpose; more than likely his/her mind is already made up before they talk to you. So, ask clarifying questions and leave on a good note
• Re-evaluate your current situation; take a few days to regroup and put together your plans
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Characteristics of Effective Supervisors
• Gives clear instructions• Praises others when they deserve it• Willing to take time to listen• Confident and self-assured• Advanced knowledge of work being
supervised• Understands the groups problems and
demographics
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Characteristics of Effective Supervisors
• Gains the group’s respect through honesty, doesn’t try to appear more knowledge than is true, doesn’t care to say “I don’t know.”
• Fair to everyone; in work assignments, consistent enforcement of policies and procedures; avoids favoritism.
• Demands good work from everyone: maintains consistent standards of performance; doesn't expect group to "take up the slack" from a low-performing worker; enforces work discipline.
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Characteristics of Effective Supervisors
• Gains the people's trust: willing to represent the group to higher management, regardless of agreement or disagreement with them.
• Goes to bat for the group: will work for best and fair interests of the work group; loyalty to both higher management and the work group.
• Humble, "not stuck up"; remembers that s/he's simply a person with a different job to do than the workers s/he supervises.
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Characteristics of Effective Supervisors
• Easy to talk to: demonstrates a desire to understand without shutting off feedback through scolding, judging, moralizing.
• You must affirm the standards at every point in the process of personnel management. When hiring to fill a job opening, you specify the job requirements
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Characteristics of Effective Supervisors
• Setting a positive example means living up to the standards you ask of the people you supervise -- always coming to work on time, refraining from lengthy personal phone calls, treating customers helpfully and respectfully
• When conflicts arise between workers you supervise, you are responsible for seeing that the quality and quantity of work does not suffer.
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Critical ThinkingDo the following
What characteristics of an effective supervisor do you have? Would you like to be a supervisor? Why? Why not?