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13 Cards in this Set
- Front
- Back
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Procedure in whcih organization compares its own practices against those of successful competitors |
Benchmarking |
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Relative value of jobs |
Job Structure |
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Administrative procedure for measuring relative internal worth of organizations jobs |
Job Evaluation |
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Value of job within organization, necessary to meet pay equity requirements |
Realtive Internal Worth |
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Relatively stable content, common among many organizations |
Key Jobs |
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Graphed line showing mathematical relationship between job evaluation points & pay rate |
Pay Policy Line |
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Incentive pay in which payments are % of organizations profits and do not become part of employees base salary |
Profit Sharing |
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Compensation in forms other than cash |
Employee Benefits |
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A gradual transition into full retirement by reducing hours or job responsiblity |
Phased Retirement |
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Pension plan that guarantees a specified level of retirement income |
Defined Benefit Plan |
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Retirement plan where employer sets up individual acount for each employee & specifies size of investment into account |
Defined Contribution Plan |
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Plan offers employees a set of alternatives from which they can choose types and amounts of benefits they want |
Flexible Benefits Plan |
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Strong links between organizations financial performance & executive compensation. Pay percential = performance percential |
Value Leverage |
