7 Human Resources - 7 Human Resources bonus an extra...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
7 Human Resources bonus an extra payment made to an employee at the end of a specific time frame - above an employee's regular base wage or salary cafeteria plans at the employer's discretion, they may provide employees with a set dollar figure per year which the employee may then choose to spend on some or all of the various programs included on the employers “benefits menu” – have become more common recently because of the rising expenses associated with various employee benefits as well as the varying needs of different employees commissions extra payments made to an employee based on meeting specific quantities or levels of sales during a pre-agreed-upon time frame compensation package all the things that employers trade to employees in exchange for their behaviors on the job cost per hire the charges a hospitality business incurs to hire an employee - calculated by adding any and all advertising fees, employee referral expenses, travel and/or relocation expenses etc. associated when a new employee is brought into the business defined benefits plan employer paid retirement plans that involved specific promises to pay employees upon retirement, usually based on the number of years the employee worked for the company, their average earnings over the later years of employment, and their age upon retirement. Having proven to be relatively risky and expensive for companies to administer, these plans are effectively extinct, especially among contemporary hospitality employers defined contribution plan plans which provide no guaranteed benefit levels; the amount of money available to any employee upon retirement is based on amounts the employee chose to save and invest over the years and what sort of return was earned on those invested funds after fees have been deducted by the companies that manage the accounts. These plans may or may not include contributions from the hospitality employer. The choices of defined contribution plans offered by employers may vary, but a common option is named after the section of the Internal Revenue Service (IRS) code that established these plans, the 401(k) plan direct compensation cash paid to employees as either wages, salaries, bonuses, and/or commissions in exchange for their behaviors on the job
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

Page1 / 4

7 Human Resources - 7 Human Resources bonus an extra...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online