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22 Cards in this Set
- Front
- Back
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Internal Alignment
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Often called internal equity, refers to the pay relationships among different jobs/skills/competencies within a single organization.
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Pay Structure
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Refers to the array of pay rates for different work or skills within a single org. The number of levels, the differentials in pay between the levels, and he criteria used to determine those differences describe the structure.
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Work Flow
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Refers to the process by which goods and services are delivered to the customer.
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Line of Sight
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The structure ought to make clear the relationship between each job and the org's objectives.
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Differentials
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The pay differences among levels are called.
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Content
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Refers to the work preformed in a job and how it gets done (tasks, behaviors, knowledge required, etc.).
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Value
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Refers to the worth of the work: its relative contribution to the organization objectives.
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Use Value
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Reflects the value of goods or services an employee produces in a job.
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Exchange Value
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Whatever wage the employer and employee agree on for a job.
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Job-Based Structure
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Relies on the work content-tasks, behaviors, responsibilities.
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Person-Based Structure
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Shifts the focus to the employee:the skills, knowledge, or competencies the employee possesses, whether or not they are used in the job.
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Surplus Value
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Difference between use and exchange value.
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Marginal Productivity
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States that employers do in fact pay use value.
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Just wage doctrine
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An effort to end the economic and social chaos resulting from the death of one third of the population from plague.
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Outsourcing
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The practice of hiring outside vendors to perform functions that do not directly contribute to business objectives and in which the org does not have a comparative advantage
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Delayering
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Eliminating some layers or job levels in the pay structure.
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Entry Jobs
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Jobs that are filled from the external labor market and whose pay tends to reflect external economic factors rather that an ors culture and traditions.
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Procedural Justice
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The procedures for determining the pay structure. Process by which a decision is reached.
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Distributive Justice
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Results of the procedures also known as the pay structure itself. The fairness of the decision.
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Tournament Theory
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All players will play better when the prize differentials are larger.
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Competency-Based Pay System
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Compensation approach that links pay to the depth and scope of competencies that are relevant to doing the work.
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Career Path
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A progression of jobs within an organization.
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