Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
17 Cards in this Set
- Front
- Back
|
External Competitiveness
|
Refers to the pay relationships among orgs. Orgs pay relative to its competitors.
|
|
|
Pay level
|
Refers to the average of the array of rates paid by an employer.
(Base+bonuses+benefits+value of stock holdings)/# of employees. |
|
|
Pay Forms
|
Various types of payments, or pay mix, that make up total compensation.
|
|
|
Labor Costs
|
(pay level) X (number of employees
|
|
|
quoted Price Markets
|
Stores that label each items price.
|
|
|
Bourse Markets
|
Allows haggling.
|
|
|
Marginal product of labor
|
The additional output associated with the employment of 1 additional person, with other production factors held constant.
|
|
|
Marginal revenue of labor
|
The additional revenue generated when the firm employs 1 additional person, with other production factors held constant.
|
|
|
Shirking
|
Higher the wage the less likely it is that an employee would be able to find another job that pays as well.
|
|
|
Rent
|
Return (Profit) received from activities that re in excess of the minimum pay (pay level) needed to attract people to those activities.
|
|
|
Signaling
|
employers deliberately design pay levels and mix as part of a strategy that signals to both prospective and current employees the kinds of behaviors that are sought.
|
|
|
Segmented Labor Supply
|
Multiple sources of employees, from multiple locations, with multiple employment relationships.
|
|
|
Pay with competition policy
|
ensures that an org wage costs are approximately equal to those of its product competitors and its ability to attract applicants will be equal to its labor market competitors.
|
|
|
Lead pay level policy
|
maximizes the ability to attract and retain quality employees and minimizes employee dissatisfaction with pay.
|
|
|
Lag pay level policy
|
Lower pay but promises higher future returns.
|
|
|
Employer of choice
|
The brand or image the company projects as an employer.
|
|
|
Shared choice
|
Begins with traditional alternatives of lead, lag, or meet, but also gives employees some choice.
|
