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10 Cards in this Set
- Front
- Back
job structure
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relative pay for different jobs within the organization
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pay level
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avg amount the organization pays for a particular job
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pay structure
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pay policy resulting from job structure and pay level decisions.
(helps the organization achieve goals related to employee motivation, cost controll...) |
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product market
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includes organizations that offer competing goods and services
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highest median annual earnings
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computer and mathematical operations
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benchmarking
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comparing own pay practices against successful competitors (involves use of pay surveys)
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job evaluation
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administrative procedure for measuring the relative worth of the organizations jobs (look at a jobs compensable factors. eg. experience edu, complexity
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piece work rate
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rate of pay for each unit produced
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pay policy line
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graphed line showing relationship between job eval points and pay rate
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pay differential
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adjust pay for differences in working conditions or labor markets (eg. geographic location and cost of living)
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