Importance of Base Pay in Employee Compensation

Base Pay

It can improve motivation and performance.

Because of the things it can buy and it can symbolize an employee's worth.

<p>50% to 60%</p> Signup and view all the answers

<p>Piecework programs, Gain-sharing programs, Bonus systems, Long term compensation, Merit pay plans</p> Signup and view all the answers

<p>Cost reduction ideas</p> Signup and view all the answers

<p>Plans that distribute a portion of the firm's profit to all employees at a predetermined rate.</p> Signup and view all the answers

<p>Plans that set aside stock in the company for employees to purchase at a reduced rate.</p> Signup and view all the answers

<p>Another major component of the compensation package, including benefits like payment for time not worked, social security contributions, etc.</p> Signup and view all the answers

<p>Includes payment for on-the-job free time like lunch breaks, rest breaks, and off-the-job time not worked like vacation, sick leave, etc.</p> Signup and view all the answers

<p>To provide insurance coverage at a cost lower than what individuals would pay on their own.</p> Signup and view all the answers

<p>Special privileges awarded to selected members of an organization, usually top managers.</p> Signup and view all the answers