Billy’s Bar-B-Q

In: Business and Management

Submitted By thereseabennett
Words 1024
Pages 5
Billy’s Bar-B-Q
MGMT335-01
Unit 4 Assignment

Abstract
Billy’s Bar-B-Q wants to open a new Texas style restaurant in the North. This paper will identify the different systems of compensation as well as the benefits and disadvantages of each. It will define comparable worth and how companies can compensate their employees based on this and not break any federal legislation.

Billy’s Bar-B-Q What are the different types of compensation systems? What are the benefits and disadvantages of each type of compensation? Companies have to compensate their employees for the work that they do. What is Comparable Worth? How do companies attempt to compensate their employees based on the Comparable Worth concept without violating the federal legislation? Companies have many laws they have to follow and by basing the compensation on comparable worth, the companies are letting the employees know they matter to the company. Compensation is “something given as an equivalent for services (Compensation, 2012).” Compensation is given in different types such as base pay, commissions, overtime pay, bonuses, travel, stock options, and benefits (HR Guide, 2012). The benefits of base pay are that the employee is sure to always have a pay check and paying bills will not be an issue. The disadvantage of base pay is making sure it is equivalent to the amount of work the worker is doing. The benefit of commission is that the pay for a commission job is almost always more than just base pay. The disadvantage is that a pay check is not always guaranteed if you do not sale product (Rumbauskas, 2010). The benefits of overtime pay are having a more flexible workforce and an increase in earnings for employees. The disadvantages of overtime pay are that the cost is more for the company, fatigue, and inefficiency from the employees (Manage Overtime, 2012). The benefits of bonuses make it…...

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