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10 Cards in this Set
- Front
- Back
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Merit Pay |
Plans links in increase on base pay to how successful an employee performs his or her job
Advantage: employee will try harder Disadvantage: can create feeling of inequity |
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Piecework |
Plan under which employee receives a certain pay based on each unit produced |
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Standard Hour Plan |
Plan that sets rates based on the completion of a job in predetermined standard time
Advantage: makes employee strive to work harder Disadvantage: if employee doesn't finish in time he/she won't get the rate |
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Employee involvement |
This is employee involvement which means employees are involved with the benefits and collectively can make changes It's important because they feel they are part of it |
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Diversity |
The world is always changing with different culture and styles and companies need to adapt their benefits to fit those needs
This is important for the reason people need to feel like they are part of the company |
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Communicating benefits information to employees |
Is to always keep them up to date with any changes with the benefits
This is important for the reason the employees know what they are getting |
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Bonus/Spot bonus |
A extra payment to an employee to reward good work
Advantage: pushes the employees to strive better Disadvantage: if employee doesn't try one time he or she might get upset |
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Bonus/Spot bonus |
A extra payment to an employee to reward good work
Advantage: pushes the employees to strive better Disadvantage: if employee doesn't try one time he or she might get upset |
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Lump-Sum merit pay |
Program under which employees receive a year end merit payment which is not added to their base pay |
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Incentive awards |
Awards are used to recognize hard working, achievement and service
Advantage: give back to the employees Disadvantage: don't work hard sucks for you |
