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36 Cards in this Set
- Front
- Back
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Job Evaluation
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Process of “pricing” the job with a monetary value and then deciding compensation.
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Employee compensation
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All forms of pay or rewards going to employees either in the form of:
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- Direct Financial Payments (wages, salaries, incentives, commissions, & bonuses)
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#NAME?
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Fair Labor Standards Act
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Passed in 1936 by Congress to provide for minimum wages, maximum hours, overtime pay, and child labor protection. Has been amended many times and covers most employees.
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Equal Pay Act
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Amendment to the Fair Labor Standards Act designed to require equal pay for women doing the same work as men.
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Civil Rights Act
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CRA 1964, Title VII – No employment discrimination on the basis of race, color, religion, sex, or nationality.
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CRA 1991 – Places burden of proof back on the employer and permits compensatory and punitive damages.
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Salary (Compensation) surveys
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Survey aimed at determining prevailing pay rates. Provides specific wage rates for specific jobs.
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Job evaluation
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Formal and systematic comparison of jobs to determine the worth of one job relative to another.
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Compensable factors
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Fundamental, compensable elements of a job, such as skills, effort, responsibility, and working conditions.
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Ranking method
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Simplest method of job evaluation that involves ranking each job relative to all other jobs, usually based on a job’s overall difficulty.
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Wage curve
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Shows the relationship between the relative value of the job and the average wage paid for the job.
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Incentive plan
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Compensation plan that ties pay to performance.
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Piecework
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System of incentive pay tying pay to the number of items processed by each individual worker.
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Stock option
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Right to purchase a stated number of shares of company stock at a set price at some time in the future.
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Merit pay (raise)
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Any salary increase awarded to an employee based on his or her individual performance.
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Profit-sharing plan
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Plan whereby most employees share in the company’s profits.
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Employee stock ownership plan (ESOP)
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Corporation contributes shares of its own stock to a trust to purchase company stock for employees. The trust distributes the stock to employees upon retirement or separation from service.
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Employee Retirement Income Security Act (ERISA)
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Scanlon plan
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Incentive plan developed in 1937 and designed to encourage cooperation, involvement, and sharing of benefits.
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Gain-sharing plan
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Incentive plan that engages employees in a common effort to achieve productivity objectives and share the gains.
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Benefits
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Indirect financial payments given to employees. May include health and life insurance, vacation, pension, education plans, and discounts on company products.
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#NAME?
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#NAME?
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Severance pay
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One-time payment employees provide when terminating an employee.
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Workers’ compensation
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Provides income and medical benefits to work-related accident victims or their dependents regardless of fault.
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Defined benefit plan
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Plan that contains a formula for specifying retirement benefits.
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Defined contribution plan
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Plan in which the employer’s contribution to employees’ retirement or savings funds is specified.
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Portability
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Vested
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Employee Assistance Program (EAP)
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Flexible benefits plan
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Individualized plans allowed by employers to accommodate employee preferences for benefits.
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Equity theory
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Employees seek equity between the inputs they bring to a job and the outputs they receive from it against the perceived inputs and outputs of others.
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Extrinsic rewards
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Tangible rewards that employee’s receive due to job performance.
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Intrinsic rewards
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Those that individuals receive largely as a result of job satisfaction; psychological.
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