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Personal Finance: Module 1 Lesson 3 Essentials for the Journey. Determining Your Destiny • Slide 2. What is employee compensation?. It’s the total amount of pay provided to an employee in exchange for services performed. Employees can be paid in two ways: Direct (monetary)

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personal finance module 1 lesson 3 essentials for the journey
Personal Finance: Module 1 Lesson 3

Essentials for the Journey

what is employee compensation

Determining Your Destiny • Slide 2

What is employee compensation?

It’s the total amount of pay provided to an employee in exchange for services performed.

Employees can be paid in two ways:

  • Direct (monetary)
  • Indirect (non-monetary)

Video:Understanding Employee Compensation

t ypes of monetary compensation

Determining Your Destiny • Slide 3

Types of Monetary Compensation
  • Salary
  • Wages
  • Overtime
  • Commission
  • Tips
  • Bonuses
  • Profit
salary wages and overtime

Determining Your Destiny • Slide 4

Salary, Wages and Overtime
  • Salary– a fixed amount paid each pay period no matter how many hours were actually worked
  • Wages – usually received as an hourly,

daily or weekly rate of pay; fluctuates

based on the actual amount of time the

employee worked during the pay period

  • Overtime– pay for hours worked over 40 hours in a week usually paid at a rate of one and one-half times the employee’s regular rate of pay
commission tips and bonuses

Determining Your Destiny • Slide 5

Commission, Tips and Bonuses
  • Commission– a common way to motivate and pay sales people. Usually a percentage of the total price of the product or services sold during a pay period
  • Tips– an extra amount a customer pays to reward service workers for providing quality service
  • Bonuses - an amount employer paysin addition to regular pay to reward good performance (by the employee, company, or both)
profit from self employment entrepreneurship

Determining Your Destiny • Slide 6

Profit from Self-employment & Entrepreneurship

A person works for him- or herselfand owns the business or enterprise

  • Self-employment

income is called profit.

  • Profit is the money left

over after all business

expenses are paid.

slide7

Determining Your Destiny • Slide 7

Indirect or non-monetary compensation provided to employees (by their employer) in addition to wages, salary and tips

Employee Benefits

College Grad

Evaluating Your Benefits Package

basic types of employee benefits

Determining Your Destiny • Slide 8

Basic Types of Employee Benefits
  • Paid leave
  • Group insurance
  • Retirement plans
  • Educational assistance

program

  • Profit-sharing

and stock options

types of paid leave

Determining Your Destiny • Slide 9

Types of Paid Leave
  • Holiday pay – employee is

paid for certain holidays even

when the place of employment

is closed

  • Sick leave – worker is paid even though he or

she is not at work due to illness

  • Personal/annual leave– worker is paid

even though he or she is not at work because

of personal reasons (not due to illness)

group insurance

Determining Your Destiny • Slide 10

Group Insurance
  • Group Health Insurance– employer-sponsored insurance that helps provide protection against the costs of medical services (and may include dental and visionoptions) at a reduced cost to employee.
  • Flexible Spending Accounts (FSA) – employee has money deducted from paycheck to be set aside to pay future healthcare expenses that are not covered by insurance.

Employment Benefits

Flexible Spending Accounts

group insurance1

Determining Your Destiny • Slide 11

Group Insurance
  • Group life insurance provides benefits to dependents

and/or others you name in the case of your death

  • Group disability insurance replaces lost income if you are unable to work
  • Short-term group disability replaces a portion of income for up to six months
  • Long-term group disability

replaces a portion of

income for longer than

six months

comparing employee benefits

Determining Your Destiny • Slide 12

Comparing Employee Benefits

Worksheets

Health Insurance Cost

Compare Employee Benefits

Links and Activities

Benefits Wizard

retirement plans

Determining Your Destiny • Slide 13

Retirement Plans

Employer-sponsored plans that help employees be better prepared for a time when they are retired and no longer working.

  • 401(k) Plans– employee chooses how much money to deduct from each paycheck and how to invest it--many employers will offer to match a portion of the employee’s contribution!

Begin Providing for Your Future

  • Pension Plans – retirement accounts funded entirely by the employer. Value varies depending on years worked, salary, etc.

What is a pension?

educational assistance program

Determining Your Destiny • Slide 14

Educational Assistance Program

An employee benefit wherein some or all educational expenses are funded by the employer

  • Policies are set by employer
  • May extend to family members

College access tip!

Having all or part of your education paid for by an employer is a very valuable employee benefit!

profit sharing and stock options

Determining Your Destiny • Slide 15

Profit-Sharing and Stock Options

Profit-sharing – employees are paid a share of the company’s profit

Stock options – employees receive shares of stock in the company at a fixed price

step with care and great tact and remember that life s a great balancing act

Determining Your Destiny • Slide 16

Step with care and great tact and remember that Life’s a Great Balancing Act.

Oh, the Places You’ll Go! by Dr. Seuss

work life balance

Determining Your Destiny • Slide 17

Work-life Balance
  • We all deserve to be able to balance our careers with rewarding personal lives!
  • Employees who feel they have a better work-life balance tend to work 21% harder.
  • Find out as much as you can before

deciding if a career opportunity

is right for you…

  • Flexible work schedule
  • On-call or overtime
  • Overnight travel
  • Family emergencies
  • Commute time

Health & Balance

Five Tips for Better Work-Life Balance

financial education for college access and success

Determining Your Destiny • Slide 18

Financial Education for College Access and Success

For this project, the PR/Award Number is V215W100015

and the Department of Education is the funding agency.

This information is provided for the reader's convenience. Tennessee and U.S. Department of Education are not responsible for controlling or guaranteeing the accuracy, relevance, timeliness, or completeness of this information. Further, the inclusion of information or Web site address does not reflect the importance of the organization, nor is it intended to endorse any views expressed, or products or services offered.