Question: skill builder 12-1 calculating individual incentati ea SKILL BUILDER 12-1 CALCULATING INDIVIDUA Objective To develop your skill at calculating incentive pay Skills The primary skills

skill builder 12-1 calculating individual incentati ea

SKILL BUILDER 12-1 CALCULATING INDIVIDUA Objective To develop your skill at calculating incentive pay Skills The primary skills developed through this exercise are as follows: 1. HR management skills-Technical and business skills 2. SHRM 2016 Curriculum Guidebook-K: Total rewards Assignment Complete the math for the following six incentive programs. 1. Bonus. You have a salary of $46,000 per year, and you get a 7% bonus at year end. (1) How much is your bonus, and (2) what is the premium percentage on your annual salary? Commission. You are an independent real estate agent in a rural area in the South, and you get a 5% commis- sion on every house you sell. Your monthly expenses are around $10,000. This month you sold two houses: one for $168,000 and the other for $116,000. (1) How much reve- nue did you earn this month? (2) What was your profit for the month? (3) If this was an average month, what would be your profit for the year? Merit Pay. You are the top performer in your department, so you are getting a 2% merit raise over the 2% that everyone SKILL BUILDER 12-2 DEVELOPING A COMPET s-in- Business, Brooklyn s to wed DIVIDUAL INCENTIVES erit pay if your current erit pay premium per- else will get. (1) How much is your merit pay if y salary is $35,000? (2) What is the merit pay or centage on your annual salary of $35,000? will your total pay be for next year? (4) What is the te premium percentage for next year? 500? (3) What is the total pay 4. Straight Piece-Rate. You make car parts. You get paid $1.10 for every part you make. This week you ma 423 parts. (1) What is your pay for the week? (2) The estimated average pay is $450, so how much more less than average did you make? (3) What is the premium percentage? 5. Differential Piece-Rate. You sell cell phones and phone service contracts in a small rural town. You are paid a salary of $7.50 per hour for a 40-hour week-$300 or $1,350 for the (180-hour) month. You also get paid $8 for every phone you sell in excess of five for the month. This month you sold 15. (1) What is your total pay for the month? (2) What is your premium if the average pay is $1,400 per month? (3) What is your premium percentage over the average? 6. Standard Hour. You rebuild transmissions. The standard rate is 6 hours each. You are paid $25 per standard no During this 40-hour week. you rebuilt 8 transmissiy (1) What is your pay for the week? (2) What is your prem for the week, and (3) what is your premium over the sta as a percentage? What is your premium m over the standard

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