prophet Posted April 28, 2006 Share Posted April 28, 2006 I've always worked for myself…. So since I have no experience working for someone else. I have a question for salaried employees. What is the benefit of having a salaried position? I have a friend who is hourly at the moment... working 70 something hours a week, but their job is moving them to a salaried position at just a little more than there base (40hrs a week - hourly salary)... Once this happens to me it would be almost like working 30 hrs for free when they do this I just can not comprehend working 60-80 hrs in a salaried position. I think it would drive me nuts. Can anyone convince me otherwise? Link to comment Share on other sites More sharing options...
rincewind Posted April 28, 2006 Share Posted April 28, 2006 Usually salaried workers get more than their hourly equivalent. It does kind of suck if you have a job you put a lot of OT into - but if you have a job that you can sneak out of early... it's f'n beautiful. Link to comment Share on other sites More sharing options...
HOF44 Posted April 28, 2006 Share Posted April 28, 2006 Depends, if lets say you make 30.00 an hour. If you work 60 hours in one week you gross 2100.00. If they want you to go salaried and still work the same hours for 1200.00 its an awful move. If they will give you a salary of 2100, its ok. Link to comment Share on other sites More sharing options...
Henry Posted April 28, 2006 Share Posted April 28, 2006 Depends what you make. I've always worked salaried jobs because I like the stability, but I've never taken jobs that require that much overtime either. If they paid me enough, say, well into the six figure range, I'd work all the overtime they asked. For what I make now, forget it. Link to comment Share on other sites More sharing options...
HailYeah Posted April 28, 2006 Share Posted April 28, 2006 Two words: Direct Deposit. Link to comment Share on other sites More sharing options...
HOF44 Posted April 28, 2006 Share Posted April 28, 2006 Two words: Direct Deposit. Maybe I'm dense and missed it ( a real possibility :laugh: ) but what has direct deposit got to do with salaried or hourly? Link to comment Share on other sites More sharing options...
oriolesfan93p Posted April 28, 2006 Share Posted April 28, 2006 I have worked salary, but that possition never required any overtime, but if it did I would have worked it... But for your friend, he shouldn't work more than 40 hours, if they are only gonna pay him for his 40 hour base. He needs to take that money and work another job if he wants to make up that money... Honestly, in every case I have heard of where a possition was being converted from hourly to salary, they took the average weekly money earned and made that the weekly salary.... so if he was workin 70 hours and getting time and 1/2 for 30 of it, he would be getting that pay minimum even if he worked only 50 or 40 hours.... I guess they are trying to decreace the cost of his possition, but honestly he needs to work for what they are paying him for or find another job if they are gonna cut his pay/week that much considering the kind of hours he puts in and dedication he has shown the company. He needs to be rewarded not shafted. Link to comment Share on other sites More sharing options...
iheartskins Posted April 28, 2006 Share Posted April 28, 2006 With salaried jobs, it's all about the bonus. Most of the income producing jobs on Wall Street are salaried. Most law firms are also salaried (except for partners). At Goldman Sachs, many of the executives and the traders make low six figures in salary and then clean house with low to mid seven figure bonuses. It's big money. But most salaried jobs are not like that. Link to comment Share on other sites More sharing options...
stevenaa Posted April 28, 2006 Share Posted April 28, 2006 I'm salaried and love it. It really depends on the flexibility and amount of OT required. Edit: If I was working hourly with lots of OT and then they shifted to salary to save the OT expense, it would be adios amigos. Link to comment Share on other sites More sharing options...
Heidenreich Posted April 28, 2006 Share Posted April 28, 2006 My roomate works hourly, and while if you work a lot, its great, there's some weeks where he doesn't work enough & his check is useless. I like having a salary. the same amount every two weeks no matter how many (or how little) hours I put in...... Link to comment Share on other sites More sharing options...
Monkart Posted April 28, 2006 Share Posted April 28, 2006 It pretty much depends, I worked hourly for almost 12 years at my company, 3 as a manager responsable for 2 shifts. During that span (12 yrs) I probably averaged about 52-53 hours a week, and worked MANY Saturdays, this past October they talked me into Salary, they bumped my hourly rate up $1.10 and based it on 45 hours a week (5 hours at time and a half), added another week Vacation for a total of 4, gave me 5 sick days a yr, and 3 personal days. Now March was my 12th year but in Oct. I got 5 sick days and 3 personal. Just this past week they posted that they will not give sick days anymore, but I still have 9 left (carried 4 over from before March). So I didn't get too upset. Also I hardly ever work Saturdays any more and Now average only about 45 hours a week. So for me not so bad being salaried. Link to comment Share on other sites More sharing options...
SkinsBry Posted April 28, 2006 Share Posted April 28, 2006 This is the first job that I've had that's salary and I gotta say that I don't like it. I have to put in at least 8 hours a day and I put in more than that but I'm not rewarded for it. I found out that the guy before me made $12,500 more than me and I've been told that I'm twice the tech he was. I was promised a raise but when the time came for it, they backed out of it. The person who works the helpdesk and does a half-assed job makes more than I do. To complicate things more, my boss just left 30 minutes ago for a better job. Now I have to do his job and mine until they decide to promote me or hire someone to be my boss that I'll end up training. My boss made twice the amount I do so I'd be happy if they bump me up to be close to what he was making. It's all up to the Project Manager now. It's Friday and I'm ready for a drink. Link to comment Share on other sites More sharing options...
fight_on_til_you_have_won Posted April 28, 2006 Share Posted April 28, 2006 Salary is good on consistency, bad for overtime. The opposite is true for hourly. So it depends on what you do and how much you make. Link to comment Share on other sites More sharing options...
SkinsNut73 Posted April 28, 2006 Share Posted April 28, 2006 Depends what you make.I've always worked salaried jobs because I like the stability, but I've never taken jobs that require that much overtime either. If they paid me enough, say, well into the six figure range, I'd work all the overtime they asked. For what I make now, forget it. Ditto. I make enough that if they want me to put in a few hours OT each week I don't mind.... ....but if they ever started demanding weekends and 10 hour days I'd be gone. Link to comment Share on other sites More sharing options...
HOF44 Posted April 28, 2006 Share Posted April 28, 2006 This is the first job that I've had that's salary and I gotta say that I don't like it. I have to put in at least 8 hours a day and I put in more than that but I'm not rewarded for it. I found out that the guy before me made $12,500 more than me and I've been told that I'm twice the tech he was. I was promised a raise but when the time came for it, they backed out of it. The person who works the helpdesk and does a half-assed job makes more than I do.To complicate things more, my boss just left 30 minutes ago for a better job. Now I have to do his job and mine until they decide to promote me or hire someone to be my boss that I'll end up training. My boss made twice the amount I do so I'd be happy if they bump me up to be close to what he was making. It's all up to the Project Manager now. It's Friday and I'm ready for a drink. Damn Bry its time to go somewhere your appreciated. Link to comment Share on other sites More sharing options...
HailYeah Posted April 28, 2006 Share Posted April 28, 2006 Maybe I'm dense and missed it ( a real possibility :laugh: ) but what has direct deposit got to do with salaried or hourly? My bad, and I dont really know. I never had an hourly job that had direct deposit so I guess I assumed that was a salary thing. My job now is salary but for OT I go hourly. Do you guys really work OT for free? I think I just confused myself. Link to comment Share on other sites More sharing options...
Rumrunner6900 Posted April 28, 2006 Share Posted April 28, 2006 Always worked hourly. I can understand the "stability" of salary, but it is good to know if I put in a 70 hour week, that 30 of those hours will be OT! Now if I could get salary and get away with 30 hour weeks....that would be nice! Link to comment Share on other sites More sharing options...
The 12th Commandment Posted April 28, 2006 Share Posted April 28, 2006 I'm salaried and I work for the county. I made more per year (or could have) during the 12 years I worked for myself. But I worked my tail off and work ended when it was done. I would lose sleep worrying over it. And I had to find my own insurance and retirement solutions. Now I get free health insurance, a pension and work ends promptly at 5. I'll get to retire when I'm 55 with 80% of my highest three. I don't think about work for one minute after I get home. (that's not completely true but it's a lot less) When you add the cost of the bennies and the peace of mind to the difference in pay...well for me it was a no brainer. If your friend is going to have to work more hours, it's not so simple. But don't ignore the possibility that that advancement will lead to another...and another. At some point you have to pony up if you're ambitous. Link to comment Share on other sites More sharing options...
The Sir Posted April 28, 2006 Share Posted April 28, 2006 My job is classified as semi-salaried or something like that. I get the benefits that salaried employees get but I get time and a half for overtime. I don't have a set hourly rate though, it's kind of weird. I'm fine with it though. Usually people with salaried positions have better benefits. Link to comment Share on other sites More sharing options...
Mark Moseley Posted April 28, 2006 Share Posted April 28, 2006 It Depends on the benefits that a fixed salary could have over an hourly wage.I've worked on salary, hourly, & on commission. Commonly hourly workers earn paid sick time,paid vaccations Time & 1/2 pay for O.T. None of these 3 are guaranted to Salaried employees.Salaried employees Are usually the ones who have to 'take up the slack' for others. you usually end up working longer hours.Your Company wouldn't ask you to accept a Salary if it wasn't going to save them money.If everyone is working longer for salary They maybe looking to eliminate 1 or 2 positions At one job I was Hourly then Accepted a title & Salary. After just 1 year I was told The company couldn't afford my position & I had to go back to Hourly. When I went back to hourly I lost 160 hours of accured paid sick time & lost the annual wage increase for hourleys that year Be Careful If you go Salary make it worth your while. Link to comment Share on other sites More sharing options...
DraftNik Posted April 28, 2006 Share Posted April 28, 2006 iheartskins, do you work on wall street? I'm graduating this year and working at Goldman Sachs next year... good to know there'll be some other Skins fans up in the big apple! As for the salary vs. hourly wage question, I'll be making a solid salary but with the hours I'll be working (12 hrs/day, 5-6 days/wk), I think it comes out to a pretty normal wage, about the same as I made in my office temp work the last few summers. The good thing about my temp work at home was that if I had to stay a couple hours late for my boss, I got paid time and a half for it. Link to comment Share on other sites More sharing options...
rincewind Posted April 28, 2006 Share Posted April 28, 2006 I just found out i'm getting a big raise!!! AND they're letting my stay hourly (which salary would have been the same pay)!!!!! Cha Ching!!! Yea me. Link to comment Share on other sites More sharing options...
iheartskins Posted April 28, 2006 Share Posted April 28, 2006 iheartskins, do you work on wall street? I'm graduating this year and working at Goldman Sachs next year... good to know there'll be some other Skins fans up in the big apple!As for the salary vs. hourly wage question, I'll be making a solid salary but with the hours I'll be working (12 hrs/day, 5-6 days/wk), I think it comes out to a pretty normal wage, about the same as I made in my office temp work the last few summers. The good thing about my temp work at home was that if I had to stay a couple hours late for my boss, I got paid time and a half for it. I work at a law firm that represents about 500 hedge funds/private equity funds/investment vehicles and a lot of our clients are former traders/bankers at the brokerage houses. Goldman is a great firm--I've got lots of friends there. As far as pay is concerned it's the top paying player in the market. It also attracts some of the best talent (not coincidentally ). There are tons of 'Skins fans in NY and by and large, it's a really good group. When the season rolls around, make sure you send me a PM. There's a group that tends to gather at various places in the city. Do you know what you'll be doing? If you're in IB or equity research, you might be working even more hours. In any case, back to the matter at hand--the tradeoff, as several have noted, is that salary means you may work more (and not be directly compensated), but you probably will receive more not-hard dollar benefits. Vice versa with many hourly jobs. Ultimately, I think all that matters if that you feel like you are fairly compensated and you won't be taken advantage of. Link to comment Share on other sites More sharing options...
skinfan2k Posted April 28, 2006 Share Posted April 28, 2006 i get direct deposit for hourly pay.. ON the other hand, I am a sophmore at the UMCP, and looking for an internship for the summer in a financial field. Im majoring in economics and sports commerce. IF any1 could help a fellow redskins fans, i would appreciate it. Link to comment Share on other sites More sharing options...
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