MHR 523 Lecture Notes - Lecture 8: Physical Therapy, Critical Illness Insurance, Piece Work

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10 Apr 2017

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Money and motivation: xed pay - compensation that is independent of the performance level of the individual, group or organization; salary, base pay, allowances, variable pay - any plan that ties pay to productivity or pro tability; tips, bonuses. Incentives for senior managers and executives: short-term incentives - annual bonus, long-term incentives - capital accumulation; stock options; performance share units plan; appropriate link to strategy. Incentives for salespeople: salary pay - xed salary; not based on effort or quality of work, commission plan - pay in direct proportion to sales generated; may be income. Uctuations; may be affected by external factors; more freedom, but often long hours: combination plan - base salary plus commission. Employee bene ts and services: indirect nancial payments given to employees, include supplementary health and life insurance, vacation, pension plans, education plans and discounts on company products.

Related Questions

1. Ben Lieber is a waiter at Harbor House, where he receives aweekly wage of $81.20 plus tips for a 40-hour workweek. Lieber'sweekly tips usually range from $275 to $390.

Round your answers to the nearest cent.

a. Under the Fair Labor Standards Act, theminimum amount of wages that Lieber must receive for a 40-hourworkweek is

2. Carrie Overwood works fluctuating work schedules. Besides herfixed salary of $1,051 per week, her employment agreement providesfor overtime pay at an extra half-rate for hours worked over 40.This week she worked 48 hours. Compute the following amounts.

Round all divisions to two decimal places and use the roundedamounts in subsequent computations. Round your final answers to thenearest cent.

a. The overtime earnings
b. The total earnings

c. If this was a BELO plan with a pay rate of$23.45 per hour and a maximum of 48 hours, how much would Overwoodbe paid for 44 hours?

3. During the first week in November, Erin Mills worked 43.00hours and produced 1,217 units under a piece-rate system. Theregular piece rate is $0.32 a unit. Mills is paid overtimeaccording to the FLSA ruling for overtime work under a piece-ratesystem. Compute the following amounts.

Round all divisions to two decimal places and use the roundedamounts in subsequent computations. Round your final answers to thenearest cent.

a.	The piecework earnings
b.	The regular hourly rate
	The overtime hourly rate
c.	The overtime earnings
d.	The total earnings

4. Jill Connor is employed as a salesperson in the men'sdepartment of Fashion Line. In addition to her weekly base salaryof $349, Connor is paid a commission of 2% on her total net salesfor the week (total gross sales less any customer returns). Duringthe past week, to promote the sale of its fine cashmere sweaters,Fashion Line agreed to pay Connor an additional PM (push money) of3% of the total net sales of cashmere sweaters. Connor's weeklysales tally is given below.

Item	Gross Sales	Customer Returns
Regular sweaters	$391	$55
Cashmere sweaters	1012	74
Ties	177	0
Dress shirts	449	38
Sports shirts	199	29

Compute Connor's total weekly earnings, showing her (a) weeklybase salary, (b) commission, (c) PM, and (d) total weekly earnings.Round your intermediate and final answers to the nearest cent.

a.	Weekly base salary:
	Weekly gross sales
	Less customer returns
	Weekly net sales
b.	Commission: $ Ã 2%
	Weekly gross sales of cashmere sweaters
	Less customer returns
	Weekly net sales of cashmere sweaters
c.	Push money (PM): $ Ã 3%
d.	Total weekly earnings

MHR 523 Lecture Notes - Lecture 8: Physical Therapy, Critical Illness Insurance, Piece Work

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