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22 Cards in this Set
- Front
- Back
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Broadbanding
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A system for condensing compensation rate ranges into broader classifications
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Classification or grading system
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Groups a set of jobs together into a grade or classification.
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Comparable Worth
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An issue that has been raised by women and the courts in recent years. It means that the concept of equal pay for equal jobs should be expanded to the notion of equal pay for comparable jobs. If a job is comparable to other jobs as determined by job content analysis, that job's pay should be comparable.
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Compensation
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HRM function that deals with every type of reward that individuals receive in return for performing organizational tasks.
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Delayering
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Allowing workers to move among a wider range of tasks without having to adjust pay with each move
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Direct Financial compensation
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Consists of the pay an employee receives in the form of wages, salaries, bonuses, or commissions.
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Equal pay
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Requires equal pay for equal work performed by men and women
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Exempt employee
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A person working in a job that is not subject to the provisions of the Fair Labor Standards Act (1938) with respect to minimum wage and overtime pay. Most professionals, executives, administrators, and outside salespeople are classified as exempt
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Factor Comparison method
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A job evaluation method that uses a factor-by-factor comparison. A factor comparison scale, instead of a point scale, is used. Five universal job factors used to compare jobs are responsibility, skills, physical effort, mental effort, and working conditions.
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Fair Labor Standards Act (FLSA)
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A 1938 law that set specific minimum wage and overtime pay rates.
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Financial compensation
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may be either direct or indirect.
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Job evaluation
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The formal process by which the relative worth of various jobs in the organization is determined for pay purposes
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Minimum Wage
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The Fair Labor Standards Act of 1938, as amended, states that all employers covered by the law must pay an employees at least a minimum wage. In June 2000, the minimum was $5.15 per hour.
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Nonexempt Employee
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A person working in a job that is subject to the minimum wage and overtime pay provisions of the Fair Labor Standards Act. Blue-collar and clerical workers are two major groups of nonexempt employees.
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Pay Class or pay grade
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A convenient grouping of a variety of jobs that are similar in difficulty and responsibility
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pay level
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Pay set relative to employees working on similar jobs in other organizations
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pay range
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a range of pay rates from minimum to maximum
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pay satisfaction
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refers to an employee's liking for or dislike of the employer's compensation package, including pay and benefits.
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pay structure
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Pay set relative to employees working on different jobs within the organization
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pay surveys
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Survey of the compensation paid to employees by all employers in a geographic area, an industry, or an occupational group.
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point system
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The most widely used job evaluation method. It requires evaluators to quantify the value of the elements of a job. On the basis of the job description or interviews with job occupant, points are assigned to the degree of various factors required to do the job.
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Ranking of jobs
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A job evaluation method often used in smaller organizations, in which the evaluator ranks jobs from the simplest to the most challenging--for example, clerk to research scientist.
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