Compensation How companies pay us back for the work that we do…

Compensation  When there is a high demand for qualified workers and little supply companies will offer better compensation to attract workers

Google perks---  free meals in its gourmet cafeteria; on- site doctors, dry cleaners, and gym facilities; and even a policy that allows employees to bring their pets to

Hourly Wages  You are paid for the amount of time that you spend at work  Minimum wage: the lowest hourly wage legally allowed  Overtime: when you work more than regular work hours over 45 hours a week or if you work on holidays

Salary  No matter how much you work you get paid the same amount every pay  Often defined yearly: $50,000 per year

Straight Commission  You are paid a percentage of the money that you bring into the company  Most often in sales jobs  You have no limit to your salary but you can also make nothing

Straight Commission  You are paid a percentage of the money that you bring into the company  Most often in sales jobs  You have no limit to your salary but you can also make nothing

Salary Plus Commission  You earn a small base salary that you are guaranteed and when you sell things you make a small percentage of the money that you bring into the company  This offers the security of a salary and the incentive of a commission

Incentive Bonus  A performance goal is set and if you reach it you earn a bonus.  Selling certain amount of something could earn an employee a cash bonus, vacation or something else of value

Performance-Based Pay  Used mainly in manufacturing you get paid for how much product you can make  Tree planters get paid by the tree  This is also known as piecework  Can allow employees to work from home

Fee for Service  People are paid a different fee for each job depending on the requirements  A contract is signed before the work starts to confirm a price  Construction work or catering

Royalties or Licensing Fee  People are paid a very small percentage (1-5%) for the use of something they created  Songs, books, characters, catch phrases

Stock Options  Businesses allow their staff to buy company stock at a lower than market price

Perks  Sick pay – you get paid for days that you are sick  Benefits – coverage for health related expenses: glasses, dentists, prescription drugs…  Company Car  Gym at work  Staff games room

Activity  Create a help wanted poster that uses compensation to attract new employees  You must use 3 types of compensation in the poster