Chapter 8 Schmitt

commission

A commission is also an order for someone to do something and get paid: The artist received a commission for a new painting to hang in the building lobby.

nonexempt employees

A nonexempt employee must be paid the minimum wage and overtime pay for any time worked beyond 40 hours in a given week.

performance review

An annual performance review involves a formal discussion about an employee's development and performance.

benefits

Benefits Manager Job Duties: Recommends benefits programs to management by studying employee requirements and trends and developments in benefits offered by other organizations.

overtime

Overtime is the amount of time someone works beyond normal working hours. The term is also used for the pay received for this time.

profit sharing plan

a defined contribution plan in which the employer is granted responsibility for determining when and how much the company contributes to the plan.

layoff

a discharge, especially temporary, of a worker or workers.

wage

a fixed regular payment, typically paid on a daily or weekly basis, made by an employer to an employee, especially to a manual or unskilled worker.

pension plans

a retirement plan that requires an employer to make contributions into a pool of funds set aside for a worker's future benefit.

nonexempt employees

employees are entitled to overtime pay under the Fair Labor Standards Act. They are called non-exempt employees. Employers must pay them one-and-a-half times their regular rate of pay when they work more than 40 hours in a week.

exempt employees

Employees whose jobs are governed by the FLSA are either "exempt" or "nonexempt." Nonexempt employees are entitled to overtime pay.

salery

a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker.

performance bonuses

compensation beyond normal wages and is typically awarded after a performance appraisal and analysis of projects completed by the employee over a specific period of time.