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30 Cards in this Set
- Front
- Back
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Equity
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Fairness
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Equity theory
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A pay fairness theory that states that people form equity beliefs by comparing their outcome
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Outcomes
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The perceptions that people have regarding the returns they get for the work they perform
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Inputs
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The perceptions that people have concerning what they contribute to the job
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Internal consistency
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Occurs when each employee's pay is fair relative to the pay coworkers in the same organization receive
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Job evaluation
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A systematic process for determining the worth of a job
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Job evaluation committee
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A committee of individuals convened for the purpose of making job evaluations
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Compensable factors
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Criteria representing the most important determinants of a job's worth
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Pay grades
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Job groupings in which all jobs assigned to the same group are subject to the same range of pay
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External competitiveness
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Occurs when each employee's pay is fair relative to the pay received by workers in other organizations who hold similar positions
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Salary survey
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A survey that seeks information on pay rates offered by a firm's competitors.
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Pay policy
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A company policy stipulating how well it will pay its employees relative to the market
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Pay policy line
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A regression line that shows the statistical relationship between job evaluation points and prevailing market rates
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Employee contributions
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Occurs when employees' pay fairly reflects their input to the organization
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Pay range
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The minimum and maximum pay rates for all jobs within a pay grade
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Skill-based pay
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A compensation approach that grants employees pay increases for acquiring new, job-related skills
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Fair Labor Standards Act
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A 1938 federal statute that regulates minimum wage and overtime pay
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Exempt employees
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Employees whose pay and overtime are not regulated by the Fair Labor Standards Act
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Nonexempt employees
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Employees whose pay and overtime are regulated by the Fair Labor Standards Act
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Equal Pay Act
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An amendment to the FLSA that prohibits sex discrimination in pay
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Comparable worth
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A standard for judging pay discrimination that calls for equal pay for equal worth
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Workers' Compensation
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A state-run, no-fault insurance system that provides income protection for workers experiencing job-related injuries or illnesses
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Unemployment compensation
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A system designed to provide income to individuals who have lost a job through no fault of their own
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Social Security Act
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A law that provides eligible workers with retirement and disability incomes Medicare coverage
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Consolidated Omnibus Budget Reconciliation ACT
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A law that provides a continuation of health insurance coverage for employees who leave a company through no fault of their own
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Defined benefit plan
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A type of pension plan that specifics the amount of pension a worker will receive upon retirement
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Defined contribution plan
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A type of pension plan that specifics the rate of employer and employee monthly contributions.
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Employee Retirement Income Security Act
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A law requiring employers to follow certain rules to ensure that employees will receive pension benefits due them
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Flexible benefit plans
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Benefit programs that allow employees to choose among various benefits and levels of coverage
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Utilization Review Programs
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Programs designed to minimize health care costs through the use of preauthorization and auditing procedures
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