The Employer Need Not Give Written Notice of the Closing

question 34

True/False

The employer need not give written notice of the closing or mass layoff to the employees (or their representative), the state economic development officials, or the chief elected local government official.

Recognize the sources and validity of compensation data, including the drawbacks of certain sources.

Identify the main steps and components necessary for conducting a proper compensation survey.

Understand the various procedures used to analyze and interpret survey data.

Differentiate between methods used to measure dispersion of salary data.

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Definitions:

Indirect Costs

Expenses not directly tied to a specific product or service, such as overheads, that are necessary for running a business.

Variable Costs

Costs that change in proportion to the level of production or sales activity, such as raw materials and direct labor.

Manufacturing Overhead

All indirect costs associated with the production of goods, such as utilities, maintenance, and manager salaries.

Committed Fixed Costs

Investments in facilities, equipment, and basic organizational structure that can’t be significantly reduced even for short periods of time without making fundamental changes.