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45 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Benchmark |
Standard/point of reference against which things can be compared/assessed. |
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Job evaluation (name 3 factors) |
Systematic process for assessing relative worth of jobs. *Tasks *Responsibilities *Skill requirements |
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Nonquantitative job evaluation |
Establish relative hierarchy of jobs based on their worth. Ex: clerical below supervisors |
Whole job method |
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Quantitative job evaluation |
Point factor/factor comparison evaluate jobs on a scale and assign a score to measure one job against another. |
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Pros and cons of whole-job method |
Pros: quick, easy to explain. Cons: not very precise. Does not explain how much of a "gap" there is between jobs. |
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Use this method when there are a large # of jobs to rank according to their value to organization. |
Paired-comparison. Jobs are methodically compared to next and job with highest upward movements is highest ranked. |
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Parity |
State/condition of being equal especially in status and pay. |
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The Hay Plan |
Standard criteria with 3 factors. Know-how, problem solving and accountability. |
Point-factor method |
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Factor evaluation system (FES) |
Point rating system for education/experience, job conditions, physical requirements, supervision etc. .. |
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Pay grades |
The way a company organizes jobs of similar values. |
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Compu-ratios can be used for____ & _____ |
Budgetary controls and to investigate discrimination. |
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Red circle rate |
When employee is overpaid. Allows market to catch up with employees pay. |
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Green circle rate |
New employee is hired at a pay rate lower than minimum rate. Can also happen when "fast track" employee is promoted. |
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Single/flat rate system |
Each worker in the same job has same rate of pay regardless of seniority or job performance. |
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Time based step rate system |
Rate is based on length of time in job. Pay increases published in advance. |
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Combination step rate and performance |
Employees receive step rate increases up to established job rate. Above that level increases are granted inly for superior performance. Needs supporting appraisal program. |
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Performance based Merit pay system |
Employees hired at minimum. Pay increases awarded in annual basis. Influenced by employee performance. |
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Straight piece rate system |
Employee gets base rate of pay and then additional compensation for amount of output produced. |
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Differential piece rate system |
employee earns one rate of pay up to standard and then higher rate of pay when standard is exceeded. |
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Knowledge based system |
Pay is based on level of knowledge in particular field. (Lawyers, doctors) |
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Skill based systems |
Paid for number and depth of skill they have. (Heavy equipment operator) |
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Competency based system |
Pay is linked to level at which employee can perform. (HR field) |
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Differential Pay |
Additional compensation add an incentive to work an adverse time, location, or other situational conditions. |
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Hazard pay |
Differential pay when employees work under adverse conditions. Safety risk or health. |
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Shift pay |
Time based differential pay for employees who work undesirable hours like night shifts in addition to regular schedule. Can be a specified amount or % of employees regular rate. |
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Pay-for-performance plans PFPs |
Fixed base salary and a variable component. Ex: profit sharing, gain sharing. |
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Profit sharing |
Employee receives % of company profits based on quarterly or annual earnings. Put in pre-tax pool for eligible employees. |
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Gainsharing |
Team approach.Measures performance through predetermined formula and shared with employees. (Actual performance is compared to baseline to determine amount of gain). Employees can earn bonus on monthly/quarterly basis. |
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T or F No law requires employers to give employees paid vacation days? |
True but 90% of employees in private sector industry receive paid vacation days. |
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Sabbaticals |
Paid leave of absence to study, do research. |
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Examples of legally required unpaid leave |
Family and medical leave act and uniformed services and reemployment act. |
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Examples of paid leave of absence |
Bereavement and jury duty |
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Workers compensation |
Insurance providing wage replacement and medical benefits to employees injured in course of employment in exchange for not suing. Also provides disability payments at two-thirds regular salary. |
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Fee-for-service FFS |
No services are unbundled. Incentive for physicians to provide more treatments. Payment depends on quantity not quality. |
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PPO preferred provider organization |
Most popular type. Members can visit any in-network physician without a referral . Usually don't need primary-care physician |
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Automatic step rate system |
Pay range is divided into several steps. Employee with required seniority receives one step pay increase. (Popular in public secotr and unions) |
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Compensable factor |
criteria used to evaluate job and basis in which salary and wages are computed. |
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General Schedule |
Federal classification for pay scale. 15 grades, 10 steps within each grade |
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Factor comparison method is _______ than ranking, classification and point factor. It is _____ used. |
More complex, only occasionally |
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Factor comparison method is most often used in _____ ______ |
Union negotiations |
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How is range spread calculated? |
Maximum-minimum ➗ minimum example: Max of 45 min of 30. 45-30 ➗ 30 =50% |
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Broadbanding |
combine several paygrades with narrow ranges with a single band that has a wider spread. Simplifies pay levels and reduces MGMT oversight. |
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Broadbanding is more popular in ____ organizations. |
Large |
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Congress passed ADAAA because the supreme Court rulings in Sutton Vs. United airlines were too ____ in the view of most legislators |
Liberal. Congress wanted a broader definition of disabled so it passed ADA amendment |
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Employee benefits fall into 2 categories: |
Direct compensation and indirect compensation |
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