Total compensation is determined by looking at many different factors of a job. These factors can lead to a wide variety of compensation packages for different jobs. Looking at different compensation packages will help you to understand why different jobs have different levels of total compensation
Obtain a recent copy of the Sunday newspaper for a large city in the United States. (Note: Some of the major metropolitan newspapers can be found in libraries and bookstores all over the country.) Use the job postings to write an essay in which you complete the tasks and answer the questions below:
1. List three positions where wages are paid in terms of an annual salary. Why do these positions pay a salary instead of an hourly wage?
2. List three positions where wages are paid in terms of an hourly rate. Why do these positions pay an hourly rate instead of a salary?
3. Which law regulates the determination of the form of compensation? What are the legal requirements for a position that pays a salary? Why do you think this law was established?
4. List three positions where wages are paid in another form besides salary or hourly. What are the other forms of compensation? Why do you think these specific methods have been chosen? How are these methods of compensation more or less effective that hourly or salary wages?