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21 Cards in this Set
- Front
- Back
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Compensable factors
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characteristics of jobs that are valued by the organization and differentiate jobs from one another
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Validity
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the extent to which a measuring instrument actually measures what we intend it to
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Reliability
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the extent to which a measuring instrument consistently produces the same measurement result when measuring the same thing
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Benchmark job
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a job in the firm's job evaluation system for which there is a good match in the labour market data
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Market comparator job
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a job in the market data that matches a benchmark job within the firm's job evaluation system
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Market line
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a regression line that relates job evaluation points to market pay (in dollars) for the benchmark jobs
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Pay policy line
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the intended pay policy for the organization generated by adjusting the market line for the intended pay level strategy of the organization
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Correlation coefficient
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a statistic that measures the extent to which plots of two variables on a graph fall in a straight line
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Base pay structure
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the structure of pay grades and pay ranges, along with the criteria for movement within pay ranges, that applies to base pay
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Pay grade
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a grouping of jobs of similar value to the organization, typically grouped by point totals
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Pay range
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the minimum and maximum pay rates (in dollars) for jobs in a particular pay grade
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Equal interval approach
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method to establish pay grade sizes, in which the point spreads are equal for all pay grades
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Equal increase approach
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method to establish pay grade sizes, in which each pay grade increases in size my a constant number of points
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Equal percentage approach
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method to establish pay grade sizes, in which the point spreads increase by an equal percentage
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Telescopic approach
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method to establish pay grade sizes, in which the point spreads increase but not by an equal percentage
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Broadbanding
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the practice of reducing the number of pay grades by creating large or "fat" grades, sometimes known as "bands"
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Intergrade differentials
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the differences between the range midpoints of adjacent pay grades in a pay structure, expressed in dollars
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Intergrade differential percentage
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calculated by dividing the intergrade differential (expressed in dollars) of each pay grade by the midpoint (in dollars) of the previous pay grade
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Range spread
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the difference between the maximum and the minimum pay level, in dollars, for a given pay range
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Range spread percentage
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a percentage calculated by dividing the range spread for a given pay range by the minimum for that pay range
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Just noticeable difference (JND)
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the amount of pay increase necessary to be considered significant by employees receiving the increase
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