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6 Cards in this Set

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Base Wage
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.
Merit Pay and Cost of Living
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.
Incentives
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.
Income Protection
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.
Work/Life Focus
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.
Allowances
Allowances often grow out whatever is in short supply. Organizations pay allowances to attract and retain talented employees.