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;
34 Cards in this Set
- Front
- Back
|
Employee who receives overtime pay
|
Nonexempt employee
|
|
|
Payment of employees at rates comparable to those paid for similar jobs in other firms
|
External equity
|
|
|
Social security, workers' compensation, unemployment compensation, Family and Medical Leave
|
Legally required benefits
|
|
|
Systematic process of determining the skills, duties, and knowledge required for performing jobs in an organization
|
Job Analysis
|
|
|
An escalator that adjusts wages per a cost-of-living index such as the consumer price index (CPI)
|
Cost-of-living-allowance
|
|
|
Identifies a job value commonly present throughout a group of jobs
|
Compensable factor
|
|
|
Strives to obtain data regarding what other firms are paying for a specific job or job classes within a given labor market
|
Compensation survey
|
|
|
The sharing with employees of greater-than-expected gains in profits and/or productivity
|
Gainsharing
|
|
|
Pension plan in which all the funds for pension benefits are provided by the employer
|
Non-contributory plan
|
|
|
An audit and review of the services and costs billed by health-care providers
|
Utilization review
|
|
|
Indirect compensation given to an employee or group of employees as a part of organizational membership
|
Benefit
|
|
|
Workers’ compensation, unemployment compensation, Social Security
|
Government mandated
|
|
|
Employee is promised a pension amount based on age and service
|
Defined benefit plan
|
|
|
Contributions to a pension plan are deposited in an employee’s pension account
|
Define contribution plan
|
|
|
The right of the employees to receive benefits from a pension plan
|
Vesting
|
|
|
Employee’s payment of a portion of the cost of both insurance premiums and medical care
|
Co-payment
|
|
|
Approaches that monitor and reduce medical costs using restrictions and market system alternatives
|
Managed care
|
|
|
Holiday pay, vacation pay, sick leave, bereavement
|
Time-Off Benefits
|
|
|
A court action in which a portion of an employee’s wage is set aside to pay a debt owed a creditor
|
Garnishment
|
|
|
The systematic determination of the relative worth of jobs within an organization
|
Job evaluation
|
|
|
Compensation linked to individual, team, and organizational performance
|
Variable Pay
|
|
|
Piece-rate, sales commissions, safety awards, attendance awards
|
Individual Incentive Pay
|
|
|
A system to distribute a portion of the profits of the organization to employees
|
Profits sharing
|
|
|
A severance benefit that provides protection and security to executives in the event that they lose their jobs or their firms are acquired by other firms
|
Golden Parachute
|
|
|
Employers finance this benefit by paying a tax on the first $7,000 of wages to provide employees with up to 26 weeks of pay
|
Unemployment Compensation
|
|
|
A security benefit voluntarily offered by employers to employees who lose their jobs
|
Severance Pay
|
|
|
A pension plan feature that allows employees to move their pension benefits from one employer to another
|
Portability
|
|
|
Holiday Pay, Vacation Pay, Leaves of Absences, Bereavement Pay
|
Time Off Benefits
|
|
|
An audit and review of the services and costs billed by health-care providers
|
Utilization review
|
|
|
Employee does not receive overtime pay
|
Exempt employee
|
|
|
Concerned with the relative worth of jobs within the company
|
Internal equity
|
|
|
HMO’s, PPO’s
|
Managed care systems
|
|
|
Strives to obtain data regarding what other firms are paying for a specific job or job classes within a given labor market
|
Compensation survey
|
|
|
Typically includes base salary of $1 million plus stock options
|
Executive compensation
|
