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6 Cards in this Set
- Front
- Back
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Base Wage
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BW is the cash compensation that an employer pays for the work performed. It tends to reflect the value of the work or skills and generally ignores differences attributale to individual employees.
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Merit Pay and Cost of Living
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MP and CL adjustments are periodic adjustments made to base wages. merit increases are given as increments to the base pay in recognition of past work behavior. In contrast, cost-of-living adjustmentsgive the same percent increase across the board to everyone regardless of their performance.
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Incentives
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Incentives tie pay increases directly to performance. Unlike merit pay incentives do not increase the base wage, and so much re-earned eash pay period. Also, the potential size of the incentive payment iwll generally be known beforehand.
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Income Protection
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Some IP programs are legally required. Medical insurance, pensions, life insurance, and savings plans are common benefits. These benefits help protect employees from the financial risks inherent in daily life.
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Work/Life Focus
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WLF programs help employees better integrate their work and life responsibilities include time away from work, acces to services to meet specific needs, and flexible work arrangements.
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Allowances
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Allowances often grow out whatever is in short supply. Organizations pay allowances to attract and retain talented employees.
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