1. Define the three different types of Piece Rates. Answer: 1) Straight Piece rate 2) Piece rates with guaranteed time rates and 3) Differential Piece rates Straight Piece rate In this method payment is made on the basis of affixed amount per fixed units produced without regard to the time taken Earnings = Number of units x rate per unit. Piece rates with guaranteed time rates In this system the payment is at the time rates but adjusted to the cost of living. Merit awards for personal
Words: 970 - Pages: 4
Week Three Team Reflection Employee benefits and compensation are essential to a successful business. A company’s ability to thrive is often due in large part to the workers it employs. Because of this, it is important that the compensation and benefits the employer offers to the employees are competitive and comprehensive. Week three objectives include explaining how to create these benefit packages, determining the appropriate components of the employee compensation and benefits, and using
Words: 979 - Pages: 4
Budget items Functional budget to determine personnel costs per member enrolled Line-item budget to determine total non-salary costs Total program budget Executive director salary x x Training supervisor salary x x Trainers salary x x Employee benefits x x Equipment x x Supplies x x Facility rent x x Travel x x Utilities x x Depreciation of equipment x x Transportation x x Outside consultants x x Indirect costs x Answer Key for Creating a Budget, Due in Week Six
Words: 366 - Pages: 2
1. Describe the importance of employee benefits as a strategic component of fulfilling the goals of HRM. Though many benefits are not legally required, it is vital for companies to keep up with competition and retain employees. HRM, must act as the driving force behind in building willingness in employees, employee retention and by attracting potential candidates. Using benefits as a strategic component helps enhance the effectiveness, morale, productivity and achievement of goals. The internet
Words: 771 - Pages: 4
We are pleased to announce the opportunity to participate in a new job employee benefit that will not only benefit employees but the community. The office to which each employee belongs to has collected a list of organizations that are looking for volunteers. The list given is not the only means of volunteer work, but other options that are already in progress or a personal idea is optional as well. It is understandable that many already participate in community service, but this is an opportunity
Words: 282 - Pages: 2
Compensation: Compensation Package is an organized practice that involves balancing the work-employee relation by providing monetary and non-monetary benefits to employees. Compensation includes payments such as bonuses, profit sharing, overtime pay, recognition rewards and sales commission. Compensation can also include non-monetary perks such as a company-paid car, company-paid housing and stock options. Compensation is an integral part of human resource management which helps
Words: 915 - Pages: 4
Under the current situation, there are two choices the auditor faces. Option one is to assist Susan in consolidating her financial statements, mainly by walking her through the process of closing the decorative pillow department and helping estimate the costs associated with doing so. While the second option is to refuse Susan of any more assistance on this matter with the reason being that you are not MHA’s accountant but an auditor working for the general public. Both choices seem viable but if
Words: 754 - Pages: 4
Therefore, instead of the ham, company has decided to give each employee a coupon for $35 that can be redeemed for food or cash between December 1 and January 31 of the following year. This company is asking you whether the coupons can be excluded from the employees’ gross income as a de minimis fringe benefit. Problem Identification 1. Whether we should include the $35 as a gross income to employees? 2. Is it exclude if the employee consumed in a subsidized eating facility operated by the employer
Words: 370 - Pages: 2
Portfolio: Business and financial information Article 1 Source: News.com.au 20 May 2012 The name of the article is “Pressure on to secure staff”. It relates to Australia’s private owners struggling to retain and attract quality staff – but are also pulling back from strategies that would allow them to do so. PwC’s winter 2012 Private Business Barometer finds employment is a major challenge for private firms. The report shows about 39 per cent of businesses intend to pay bonuses, down
Words: 4387 - Pages: 18
the neighboring centers, which became an ever-perpetual problem of training the new staff who joined there. He faced the task of retaining staff and finding ways to plug the leak of experienced staff from Kameha Medical Center. By addressing the employee benefit crisis in this he would be able to tackle the task at hand. Organization background: Kameha medical center was established in 1999, Perak. It is a 232-bedded hospital and is equipped with the state of the art medical facilities. There
Words: 1345 - Pages: 6
