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20 Cards in this Set

  • Front
  • Back
davis-bacon act
law that sets wage rates for laborers employed by contractors working for the federal government
fair labor standards act
minimum wage, max hours, overtime pay, child labor protection
equal pay act
amendment to fair labor standards act designed to require equal pay for women doing the same work as men
salary compensation
salary equity problem usually caused by inflation resulting in longer-term employees in a position earning less than workers entering the firm today
salary survey
survey aimed at determining prevailing wage rates. a good salary survey provides specific wage rates for specific jobs. formal written questionnaire surveys are the most comprehensive but telephone surveys and newspaper ads are also sources of information
benchmark job
job that is used to anchor employer's pay scale and around which other jobs are arranged in order of relative worth
ranking method
simplest method of job evaluation that involves raking each job relative to all other jobs, usually based on overall difficulty
job classification (grading) method
categorizing jobs into groups
grouping jobs based on a set of rules for each group or class such as amount of independent judgement, skill physical effort required. classes usually contain similar jobs
job classification system like the class system, although grades often contain dissimilar jobs such as secretaries mechanics, or firefighters. grade descriptions are written based on compensable factors listed in classification systems
grade definition
written description of the level of responsibility and knowledge required for a job in each grade. Similar jobs can then be combined into grades or classes
point method
job evaluation method in which a number of compensable factors are identified and then the degree to which each of these factors is present on the job is determined
factor comparison model
widely used method of ranking jobs according to a variety of skill and difficulty factors, then adding up these rankings to arrive at an overall numerical rating for each given job
pay grade
a pay grade is comprised of jobs of approximately equal difficulty
wage curve
sows relationship between value of the job and the average wage paid for it
pay ranges
a series of steps or levels within a pay grade usually based on years of service
competency-based pay
the company pays for the employee's range, depth and types of skills and knowledge rather for the job title he has
demonstrable knowledge, skills or behavior that enable performance
consolidating salary grades and ragnes into just a few wide levels or bands each of which contains a relatively wide range of jobs
comparale worth
concept by which women who are usually paid less than men can claim that men in comparable rather than in strictly equal jobs are paid more