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    Permanent Employee: The Pros, Cons and Secrets
    Permanent Employee: The Pros, Cons and Secrets
    Permanent Employee: The Pros, Cons and Secrets
    Ebook124 pages1 hour

    Permanent Employee: The Pros, Cons and Secrets

    By Richard Renstone

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    About this ebook

    Millions of people find a job and start building a career. Unfortunately, very few employees know what they are getting themselves into. Permanent Employee: The Pros, Cons, and Secrets is a book for employees searching for new insight and knowledge to enhance their work-life experience and livelihood.

     

    This book explores the Pros, Cons, and Secrets of being an employee. It provides valuable information to transform your mindset into a new employee perspective. As an employee, you will be conscious of false beliefs and barriers that control your career and financial livelihood while improving your attitude and job outlook. In fact, you will be able to interpret current and future employment situations and be comfortable and confident in any workplace environment.

     

    Above all, the text teaches employees the truth about job hopping, job security, pension plans, and career advancement while smashing false hopes and beliefs by exploring the employee mindset. You will also learn the pros and cons of being an employee, enabling you to decide whether being an employee is a good fit for you. If you want to set your mind at ease and truly understand what you are up against, read this book because you will change your reality by taking control of your future, career, and life!  

    LanguageEnglish
    PublisherArthur Black Publishing (ABP)
    Release dateNov 20, 2018
    ISBN9780997959628
    Permanent Employee: The Pros, Cons and Secrets
    Author

    Richard Renstone

    Richard Renstone has been in the workforce for 40 years, with over twenty years of that time being spent as a permanent employee and more than 15 years as a contractor / consultant. The author has held many positions while working in many sectors such as, food industry, office machinery, industrial, energy, mining, publishing, manufacturing, IT, technical services, education, medical devices, industrial electronics, engineering and construction. Richard Renstone has worked for many industry leaders and during that time was very fortunate to work in many parts of the world including, Canada, USA, Columbia, Iran, Saudi Arabia, South Korea, Indonesia, Venezuela, Portugal, Australia, and Italy.

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      Book preview

      Permanent Employee - Richard Renstone

      Permanent Employee:

      The Pros, Cons and Secrets

      ––––––––

      Written By

      Richard Renstone

      Permanent Employee: The Pros, Cons and Secrets

      First Edition 2016

      Second Edition 2018

      Copyright © 2016, Richard Renstone

      All Rights Reserved

      A copy made by anyone without permission from the copyright holder is an infringement of copyright and against the law. No part of this book may be reproduced, scanned or distributed in any printed or electronic form without consent of the copyright owner, or an agent authorized to do so.

      Library of Congress Control Number: 2016954231

      ISBN-10: 0-9979596-0-6

      ISBN-13: 978-0-9979596-0-4

      Published by Arthur Black Publishing (ABP)

      Dedications

      ––––––––

      I dedicate this book to my loving wife,

      who is my soulmate that

      I can never live without.

      I have asked my wife on many occasions,

      where she was when she

      was three, because we could have got

      married then.

      TABLE OF CONTENTS

      Dedications

      Introduction

      The Employee

      Employee Mindset

      The Pros and Cons

      The Secrets

      It’s A Wrap

      ABOUT THE AUTHOR

      Introduction

      If you bought this book you may be a student, new graduate, or a workforce newbie searching for some valuable information to prepare you before setting off on your career journey. Maybe you’re a professional interested in some new information, or frustrated and upset about your career because it’s not really working out the way you thought it would. There are all kinds of reasons why you might be searching for information on employment and being an employee, it’s triggered by a situation or circumstance at work that makes you feel uncomfortable. 

      There are all kinds of work situations you may face throughout our career to do with uncertainty, dismal outlook, job instability, or your retirement. It could be that you haven’t had a pay raise since you started working or maybe you are being mistreated or subjected to expectations that are impossible to reach. You could feel isolated from your colleagues or you have experienced massive lay-offs. It also may be that your work environment and morale have significantly shifted negative. May be there is career path but you’ve been bypassed leaving you stuck in the same position while others have advanced even though you trained them. 

      Permanent Employee: The Pros, Cons and Secrets, provides you with valuable information you need to help you with your work situation. Why? It is based on over three decades of insight with real life work stories that will make you laugh, angry or sad but most importantly reveal employee realities that exist and the real truth behind them. 

      Permanent Employee: Pros, Cons and Secrets explores employment basics as, benefits, pay, holidays, pension, salary, and career advancement; then dives into examining why people become permanent employees by breaking down their mindset. This book explores the advantages and disadvantages of being an employee to inform the reader of where they stand as being an employee. Finally, this book uncovers the hidden beliefs that many employees subconsciously carry, that are a controlling force in employee’s lives by creating worry, false fears and anxiety, resulting self-defeating and restrictive behaviors.

      Change is waiting for you and it is up to you to step up and take charge of your own destiny.

      PERMANENT EMPLOYEE:

      The Pros, Cons and Secrets

      The Employee

      The employee is labelled by many people, employment agencies and companies, as a permanent employee, fulltime employee or just plain employee. However, the fulltime employee label doesn’t work for me, since full-time employment can be carried out whether or not the person is an employee or a consultant.

      On the other hand, calling an employee, a permanent employee suggests that the worker is long-term, has an employer-employee relationship of some kind, meaning the worker displays a degree of commitment, stability, loyalty, security, and subordination. Also, the employee will perform duties according to the work schedule set out by the employer. Therefore, the employee will work any regular and irregular work hours the employer has set, and, the priority in which the employee performs their duties or responsibilities. Moreover, an employee must follow all corporate policies, standards, practices and procedures which includes employee pay scheme and pay period.

      Employees receive pay according to the employer’s pay schedule and policies. So, the permanent employee is dependent on the employer determining and controlling the amount of pay, the frequency of pay and the method in which the employee is paid. This means, the permanent employee is paid a wage for their service, usually a salary, which can be paid monthly, weekly, or bi-weekly usually on the 15th and 30th of the month, every second Friday or can even be a monthly payment. The rate of pay is usually calculated by using how many working days there are per year.

      Most importantly, a permanent employee receives a NET paycheck, which is derived after many deductions are subtracted from the GROSS paycheck amount. The paycheck deductions all correspond to the employee’s benefits package and government deduction requirements.

      Initially, employee benefit package and government deductions include, but are not limited to, such items as:

      • Medical

      • Dental

      • Accidental death

      • Life insurance

      • Long and short term disability

      • Vision care

      • Prescription drugs

      • Psychologist sessions

      • Massage therapy

      • Physiotherapy

      • Employee assistance services

      • Paid holidays

      • Paid floater days

      • Paid sick days

      • Federal taxes

      • Provincial or state taxes

      • Employment or unemployment insurance

      • Pension plan coverage either company or government based or both, and

      • Maternity leave

      Medical costs and coverage vary because of government funding and other supplementary supports. Keep in mind that dental, medical and prescription drugs and other coverage will have variations based on age group, country, state, or province. For instance, in the United Kingdom medical coverage is free for all UK citizens. Dental coverage is free but only for certain individuals. To view additional dental coverage restrictions in the UK visit the following URL:

      http://www.nhs.uk/chq/Pages/1786.aspx?CategoryID=74

      Furthermore, in the United Kingdom, a permanent employee must seek and secure their own insurance for dental and prescription drug coverage since they are not free. However, there are exceptions. Prescription drugs are only free for any child up to 16 years of age and for seniors 60 years old and over.

      Generally all benefit plan costs are deducted from an employee’s paycheck with a few exceptions. For instance, if an employee had to purchase a benefits package from an insurance company as an individual, the cost would be substantially higher or even more than double. The reason is the benefit package an employee pays for is only a portion of the full cost, because the employer usually pays 50% or more of the total cost. However, when it comes to government related deductions, such as, pension plans and employment insurance, the employer pays at least double the costs even though this is obscure to the employee.

      Some employee’s benefits packages may also include, a company pension plan, or another type of retirement savings plan like, in Canada, a Registered Retirement Savings Plan (RRSP) or in the U.S. a 401K or in the United Kingdom, a private pension plan.

      Any government based deductions are more geared towards state, provincial or federal taxes, government benefits or programs which include some items like, retirement pension, employment or unemployment insurance or national insurance and so on. The percentages for each deduction vary because they are calculated according to country of residence, marital status and the income amount. Employees must pay for all benefits package and government deductions because all of them are mandatory and to many employees the cost may seem high.

      Keep in mind that many people are confused when looking at their paycheck and many just assume it is all tax and then wonder why taxes are so high. The reason is total deductions from an employee’s GROSS paycheck will range from 28% to 50%. Note that these deductions include benefits package and government deductions so it’s not only tax. For example, in the US, federal tax is at a rate of 11%, state tax is 4%, and social security is 6.2%. In Canada, federal tax is 10%, provincial is 7%, pension is 5% and employment insurance is 2%. Note that deduction percentages are all based on the employee’s location, the amount of income, and marital status.

      Therefore if the employee lives in Nevada or in South Carolina and so on, is married or not, will make a difference but also the higher the income the higher the deductions. Deductions are a part of what a permanent employee must pay for being an employee with benefits.

      To find out more information about actual tax rates go to the following websites:

      For Canada:

      http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html

      For the United States of America:

      http://www.irs.com/articles/2014-federal-tax-rates-personal-exemptions-and-standard-deductions

      For the United Kingdom:

      https://www.gov.uk/income-tax-rates/current-rates-and-allowances

      So far we have reviewed some of the basics of being a permanent employee, by examining the work relationship, pay, and deductions, but that’s not enough, since there are more gaps to uncover. Another main gap to explore is the employee mindset, which is actually what determines why people choose to be a permanent employee in the first place.

      Employee Mindset

      The employee mindset is a combination of many things that together, make a person become an employee. What I have found is employees generally stay long-term, for 20 to 30 years or more, which is a generational aspect that my parents retained, as well as, some of my generation.

      This mindset was to get a job, work hard and stay with the same company until retirement, without the need for advancement and higher wages but just to be grateful for making a living

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