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17 Cards in this Set
- Front
- Back
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Job based structure
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a work structure based on tasks, behaviors and responsibilities (work content)
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Job Evaluation
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a systematic procedure designed to aid in establishing pay differentials among jobs within a single company. It includes classification,comparison of the relative worths of jobs, blending internal and external market forces, measurement, negotiation, and judgement.
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benchmark
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a prototypical job or group of jobs, used as a reference point for making pay comparisons within or without the organization. Have: well known and stable contents, generally acceptable pay rates, and relatively stable pay differentials between them.
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compensable factors
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Job attributes that provide the basis for evaluating the relative worth of jobs inside an organization. A compensable factor must be work related, business related and acceptable to all parties involved
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skill based structure
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links pay to the depth or breadth of the skills, abilities and knowledge a person acquires that are relevant to the work
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skill based structure pros
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skill based structure cons
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where do you use skill based structure?
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payload
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market
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why pay above market?
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lead
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a wage structure that is set to match market rates at throughout the plan year. Its aim is to maximize a firm's ability to attract and retain quality employees and to minimize employees dissatisfactioni with pay.
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aging data
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updating pay data to forecast the competitive rates fpr the future when pay decisions will be made.
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market pay lines
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links a company's benchmark jobs on the horizontal axis with the market rates paid by competitors on the vertical axis; summarizes the distribution of going rates paid by competitors in the market.
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job bands
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lag
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a wage structure that is set to match market rates at the beginning of the plan year only. The rest of the plan year , internal rates will lag behind the market rates. It's objective is to offset labor costs, but it may hinder a firm's ability to attract and retain quality employees.
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job grades
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