chapter 24 rewarding and developing employees 1 chapter 24 rewarding and developing employees ©2008...
TRANSCRIPT
Chapter 24 Rewarding and Developing Employees1
Chapter 24Rewarding and Developing Employees
©2008 Thomson/South-Western
Chapter 24 Rewarding and Developing Employees2
Lesson 24.1 Compensation Planning
Goals Describe several types of compensation
systems and the reasons each is used. Discuss important factors that affect pay
levels in a business.
Chapter 24 Rewarding and Developing Employees3
Compensation Plans
Time plan — pays a certain amount for a specified period of time worked
Performance plan — pays a percentage of volume of sales for which employee is possible
– Commission plan– Piece-rate plan
Combination plan — provides a small wage or salary and adds incentive pay based on performance
– Bonus
Chapter 24 Rewarding and Developing Employees4
Legal Requirements
Minimum wage — it is illegal for employers to pay less than an identified pay rate to any employee
Compensation discrimination — employers must follow laws establishing fair levels of compensation
Chapter 24 Rewarding and Developing Employees5
Lesson 24.2 Employee Benefits
Goals Recognize how employee benefits add to the
total compensation received. Describe several ways companies can
improve HR services while controlling costs.
Chapter 24 Rewarding and Developing Employees6
Employee Benefits
Customary benefits– Insurance — health, vision, dental, life, disability– Retirement plans
Pension plans
– Vacations and time off– Benefits required by federal and state laws
Chapter 24 Rewarding and Developing Employees7
Employee Benefits
Hours of work– Flex-time– Job sharing
Other benefits– Profit-sharing plan– Cafeteria plan
Chapter 24 Rewarding and Developing Employees8
Improving HR Services
Use of technology Outsourcing services Increasing value of human resources
– Employment laws– Equal opportunity in employment– Improvements in the way HR services are
provided and managed
Chapter 24 Rewarding and Developing Employees9
Lesson 24.3 Improving Employee Performance
Goals Describe the procedures for reviewing
employee performance. Discuss several important training needs of
businesses.
Chapter 24 Rewarding and Developing Employees10
Employee Performance Review
Performance review — process of assessing how well employees are doing their jobs
Formal reviews — once or twice a year, including review conference
Informal reviews — informal feedback, support, and encouragement
Chapter 24 Rewarding and Developing Employees11
Planning Training and Development
Formal training — carefully planned instruction with a specific curriculum and instructor
Informal training — unstructured and unplanned instruction developed for specific situations or individuals
Chapter 24 Rewarding and Developing Employees12
Types of Training
Basic skills Occupational safety Employee health and wellness New-employee orientation Awareness Communication, employee development, and
quality Job skills