article thumbnail

3 Types of Compensation Packages To Consider and Why

Achievers

Some folks are hourly, some are salaried, and depending on what role they play, others receive bonuses or commissions based on their performance. Salaried employees are paid a set annual amount, and provided that amount is more than $23,660 per year, they do not receive overtime pay. Salary plus commission compensation.

article thumbnail

Types of Wages That Might Come up in Your Small Business

Patriot Software

Some types of pay you offer employees can depend on your industry, business, and preference, like commissions. There are also mandatory wages, such as overtime. Overtime wages. If you have nonexempt employees, you must follow overtime laws. Overtime pay is time and a half , or 1.5 Commissions.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

5 Red Flags Your Talent Management System Should Tell You

Hireology

Overtime Costs. How much does your business spend on overtime each pay period? Do you receive notifications when an employee is approaching overtime? Without a process in place to track and budget for overtime, annual overtime pay can end up causing your profitability to take a hit. Turnover Rates.

article thumbnail

Why Now is the Time to Reevaluate Your Payroll System for 2019

Hireology

If your business runs payroll for certain roles every week, other roles twice a month, and once a month for sales commissions, you’ll face additional charges each time you process payroll. Automated tracking and notifications can also help your business support a compliant PTO policy. Manage Yearly Overtime Costs.

article thumbnail

Why Now is the Time to Reevaluate Your Payroll System for 2018

Hireology

If your business runs payroll for certain roles every week, other roles twice a month, and once a month for sales commissions, you’ll face additional charges each time you process payroll. Automated tracking and notifications can also help your business support a compliant PTO policy. Manage Yearly Overtime Costs.

article thumbnail

Employee Files: What to include, what to leave out, and what’s confidential

Business Management Daily

For example, the Equal Employment Opportunity Commission (EEOC) requires that employers must keep personnel records for one year. In particular, it requires employers to keep detailed records of hours worked by all employees — including overtime, weekly hours, and any additions or deductions from employee wages. Why is that?

article thumbnail

What is a total compensation statement & how does it provide value?

Genesis HR Solutions

This includes gross wages and extra financial compensation, such as bonuses or commissions, as well as the employer-paid portion of retirement plan contributions, insurance premiums, and paid time off benefits. Commissions. Base pay/overtime. Commission/bonuses/incentive pay. Accrued paid time off (PTO/Vacation time).

401(k) 40