LESSONS ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 10 HIRE AND MANAGE A STAFF 10.1 10.1Hire Employees 10.2 10.2Create a Compensation.

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Presentation transcript:

LESSONS ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 10 HIRE AND MANAGE A STAFF Hire Employees Create a Compensation Package Manage Your Staff

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 10 Slide 2 Lesson 10.2 CREATE A COMPENSATION PACKAGE Determine the amount of pay for employees. Identify a benefits portion of a compensation package. GOALS

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 10 Slide 3 As an entrepreneur with paid employees, you will need to create a compensation package. The package should include some type of pay and may provide a variety of benefits.

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 10 Slide 4 WAGES AND SALARY Types of pay Hourly wage Salary Commission Combination plan

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Wages Payments for labor that are made on an hourly, daily, or per-unit basis Chapter 10 Slide 5

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Salaries Payments for labor performed on an annual basis regardless of the number of hours worked Chapter 10 Slide 6

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING bonus A financial reward in addition to a regular wage or salary Chapter 10 Slide 7

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Commission A percentage of a sale paid to a salesperson Chapter 10 Slide 8

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Commission-based salary A salary that varies from month to month depending on how much of a product is sold Chapter 10 Slide 9

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Example of commission If you make 10% commission and you sold $490,000 last year, you would make: $490,000 x.10 = $49,000 Chapter 10 Slide 10

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Example of Combination Plan You make $6.75 per hour plus 10% of what you sell You work 158 hours last month You sold $11,500 You will make: 158 hours x $6.75 = $1, (wages) $11,500 x.10 = $1, (commission) $1, $1, = $2, Chapter 10 Slide 11

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 10 Slide 12 BENEFITS Paid leave Vacation Sick leave Insurance Health benefits Other kinds of insurance (dental, life)

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 10 Slide 13 BENEFITS Pension plan Employee and employer contribute money to a pension fund every month. When employees retire, they withdraw the pension funds.

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 10 Slide 14 Video Getting a Job

ENTREPRENEURSHIP: Ideas in Action© SOUTH-WESTERN PUBLISHING Chapter 10 Slide 15 Assessment 10.2 Answer questions #1-3…omit #4