PFM Unit 1

job analysis

an evaluation of the positive and negative attributes of a given type of work

salary

the amount of monthly or annual pay that you will earn for your labor

benefits

company-provided supplements to salary, such as sick pay, vacation time, profit-sharing plans, and health insurance

promotion

the ability to advance to positions of greater responsibility and higher pay

employee expenses

any costs of working paid by the employee that are not reimbursed by the employer

work characteristics

the daily activities of the job and the environment in which they must be performed

entrepreneur

someone who organizes, manages, and assumes the ownership risks of a new business

lifelong learner

actively seeking new knowledge, skills, and experiences that will add to your professional and personal growth throughout your life

upgrading

advancing to a higher level of skill to increase your usefulness to an employer

retraining

learning new and different skills so that an employee can retain the same level of employability

advanced degrees

specialized, intensive programs (taken after obtaining the first college degree) that prepare students for higher-level work responsibilities with more challenges and higher pay. (e.g. master's degree, doctorate degree, professional degree)

self-assessment inventory

lists your strong and weak points along with plans for improvement as you prepare for a career

networks

informal groups of people with common interests who interact for mutual assistance

identity

who a person is and how they fit in

values

the ideals in life that are important to you

lifestyle

the way people choose to live their lives, based on the values they have chosen

aptitude

a natural physical or mental ability that allows you to do certain tasks well

interests

the things you like to do

personality

the many individual qualities that make you unique

goal

a desired end toward which efforts are directed

experience

the knowledge and skills acquired from working in a career field

contact

a member of your network, such as a relative, friend, member of a group to which you belong, or a former work associate

job shadowing

spending a morning or afternoon with a worker in the type of job that interests you

employment agencies

help job seekers find a job for which they are qualified and help employers locate the best applicants for job openings

headhunter

type of employment agency that seeks out highly qualified people to fill important positions for an employer

temporary agency

provides part or full time temporary job placement

work history

a record of the jobs you have held and how long you stayed with each employer

professional job

one of the highest paying career groups; where being knowledgeable is a key job skill; example-lawyer

service jobs

a large and increasing sector of the market; dominated by technology and information needs

steps of career planning

self-analysis, research, a plan of action, periodic re-evaluation

short-term goal

a goal you expect to reach in a few days or weeks

intermediate goal

a goal you wish to accomplish in the next few months or years

long-term goals

goals you wish to achieve in five to ten years or longer

Form W-4

this form asks for your name, address, Social Security number, marital status, and the number of exemptions you are claiming for income tax purposes. This information determines the amount your employer will withhold from your paycheck for income taxes.

allowances

reductions in the amount of tax withheld from your paycheck

exempt status

available only to people who will not earn enough in the year to owe any federal income tax

Social Security number

your permanent work identification number

Form W-2

wage and tax statement; a summary of the income you earned during the year and all amounts the employer withheld for taxes. Each of your employers must provide you with a form W-2 for the previous tax year no later than January 31 of the current year. One goes to the government.

minors

people under the age of legal adulthood

Work Permit

many states require minors to obtain this before they are allowed to work. You need your Social Security number, proof of age, and permission from parent/guardian to get one.

Form I-9

also called Employment Eligibility Verification form; must be completed by you and your employer. The purpose of it is to verify the employee's identity and eligibility to work in the US. You must present forms of identification along with this.

Department of Labor

responsible for enforcing labor laws that protect workers

Social Security Act

established in 1935, a national social insurance program that provides federal aid for the elderly and disabled workers. Also includes Medicare (1965); provides hospital or medical insurance for those 65 and older

Unemployment insurance

Provides benefits to workers who lose their jobs through no fault of their own. After a waiting period, laid-off/terminated workers may collect a portion of their regular pay for a certain length of time.

Premiums

the amount you pay up front in order to get insurance; typically there is a cost sharing between employers and employees

Fair Labor Standards Act

also known as Wage and Hour Act; establishes minimum wage and requires hourly workers to be paid overtime wages of 1.5x their hourly rate

minimum wage

the lowest wage that an employer may pay an employee as established by law

Workers' Compensation

an insurance program that pays benefits to workers and/or their families for injury, illness, or death that occurs as a result of the job. The employer is responsible for employee injuries and illnesses that are the result of employment, regardless of fault.

Family and Medical Leave Act (FMLA)

created in 1993; allows employees to take up to 12 weeks of unpaid leave in a 12-month period for certain medical and family situations. Some employers may choose to pay employees during some types of leave, such as sick leave, but they are not required by law to do so.

Equal Pay Act

prohibits unequal pay for men and women during substantially similar work

Civil Rights Act of 1964

prohibits discrimination in hiring, training, and promotion on the basis of race, color, gender, religion, or national origin

Age Discrimination in Employment Act

prohibits discrimination in employment decisions against people age 40 and over

Americans with Disabilities Act

prohibits discrimination on the basis of physical or mental disabilities

Equal Employment Opportunity Commission (EEOC)

enforces laws against discrimination in employment

responsibilities to employers

competent work, punctuality, pleasant attitude, loyalty and respect, dependability, initiative, interest, self-evaluation

marketable

if your work is ________, it is of such quality that the employer can sell it or use it to favorably represent the company

punctuality

being ready to start work at the appointed time

dependability

a character trait that means you can be counted on to do what you say you will

initiative

taking the lead, recognizing what needs to be done, and doing it without having to be told

self-evaluation

the ability to take criticism and to assess your own progress is important to you and your employer

thoughtfulness

be considerate of coworkers to promote a good work atmosphere for everyone, including customers.

Employer responsibilities

adequate supervision, fair human resource policies, safe working conditions, open channels of communication, recognition of achievement

supervision

providing new and current employees with the information and training they need to do their jobs well. Includes providing appropriate instruction in the safe use of equipment and adequate training for new employees.

human resource policies

policies on hiring, firing, raises, promotions, and dispute resolution

safe working conditions

safe equipment, safe working environment, adequate training for working under dangerous conditions

employee evaluation

report that discusses the employee's strengths and weaknesses in performing the job and how well the employee helped to meet company goals. As a result of evaluations, employees are given merit pay raises, bonuses, etc.

gross pay

the total amount you earn before any deductions are subtracted (includes overtime)

deductions

amounts subtracted from your gross pay

net pay

the amount left when all deductions are taken out of your gross pay

overtime

time worked beyond the regular hours (standard 40 hours), included in gross pay

self-employment tax

15.3. (12.4 + 2.9)*2 (for employer-matching contributions and employee contributions of Social Security and Medicare tax)

incentive pay

money offered to encourage employees to strive for higher levels of performance

benefits

forms of employee compensation in addition to pay

profit sharing

plan that allows employees to receive a portion of the company's profits at the end of the corporate year

employee services

the extras that companies offer in order to improve employee morale and working conditions (e.g. discounts, social and recreational programs, free parking, tuition reimbursement for college courses, wellness programs, counseling)

sick pay

an allowance of days each year for illness, with pay as usual (3-10 days a year)

bonuses

incentive pay based on quality of work done, years of service, or company sales or profits

stock options

give employees the right to buy a set number of shares of the company's stock at a fixed price

pension plan

a type of retirement savings plan that is typically funded by the employer

vested

when you are _____, you are entitled to the full retirement account; usually happens after a specified period of time, such as 5 years.

employer-sponsored retirement savings plans

401(k) for private employers or a 403(b) for government employers. Employer may contribute, but doesn't have to.

travel expenses

companies that require employees to travel in the course of their work often provide a company car or a mileage allowance if employees use their own car

flextime

flexible scheduling, work schedule that allows employees to choose their working hours within defined limits. Core time period and negotiated start/end.

compressed workweek

a work schedule that fits the normal 40 hour workweek into less than 5 days

job rotations

job design in which employees are trained to do more than one specialized task. Employees rotate from one task to another.

job sharing

2 people share on full-time position. Split salary and benefits.

permanent part-time

many employees choose to work only part time (16-25 hours a week). Companies save on salary and benefits.

telecommuting

advances in technology have made it possible. Employees work at home or on the road and stay in contact with their manager and coworkers through technology.

labor union

a group of people who work in the same or similar occupations, organized for the benefit of all employees in these occupations. They recruit new members, engage in collective bargaining, support political candidates who support members' interests, and provide support services for members.

collective bargaining

the process of negotiating a work contract for union members

grievance

formal complaint, by an employee or by the union, that the employer has violated some aspect of the work contract

seniority

refers to the length of time on the job and is used to determine transfers, promotions, and vacation time according to most union contracts

mediator/arbitrator

regarding unions, a neutral third party that helps the two parties reach a compromise

strike

when a union refuses to work until an agreement is reached

public-employee unions

municipal, county, state, or federal employees such as firefighters, teachers, and police officers may organize these

professional organization

consists of people in a particular occupation that requires considerable training and specialized skills

lobbying

an attempt to influence public officials to pass laws and make decisions that benefit the profession

progressive taxes

taxes that increase in proportion to income

regressive taxes

taxes are those that decrease in proportion to income

proportional taxes

also known as flat taxes, are those for which the rate remains constant even though the amount being taxed increases