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45 Cards in this Set
- Front
- Back
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Family Medical Leave Act |
Entitles eligible employees to take up to 12 weeks of unpaid job-protected leave each year. 480 hours, which can be used consecutively or intermittently |
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Family Medical Leave Act |
can take leave for - birth and care of a child, - adoption or foster care - care of a spouse, orparent or themselves with a serious health condition |
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4. Private sector employers employ ___ or more employees for at least ____ work weeks in current or previous year are covered |
50 , 20
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Employee eligibility you worked for your employer for at least ____ months and worked ____ hours |
12, 1,250 |
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Davis-Bacon Wage Act |
requires payment of prevailing wage rates andfringe benefits on federally-financed or assisted construction work for contracts/subcontracts in excess of $2,000 |
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Walsh-Healey Public Contracts Act |
requires payment of minimum wage rates and overtime pay on contracts to provide goods to the Federal Government >$10,000 |
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Service Contract Act |
requires payment of prevailing wage rates and fringe benefits on contracts to provide services to the Federal Government on contracts/subcontracts >$2,500. |
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Office of Federal ContractCompliance Programs (OFCCP) |
ensures that firms doing business with the Government comply with laws impacting discrimination |
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Executive Order 1965 |
ensures non-discrimination in federal government hiring |
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Executive Order 2014 |
raised the min wage to $10.10 for all workers on Federal construction and service contracts |
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Equal Pay Act 1963 |
Prohibits sex-based wage discrimination between men & women who perform same work or jobsthat are equal skills, effort or responsibility under similar working conditions Originally introduce by Representative Stanley, Republican from NY, introduced in 1942. Stalled until President John Kennedy pushedthrough the legislation. |
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Lilly Ledbetter Act 2009 |
- overturned the Lebetterv. Goodyear RubberCompany lawsuit . Fought for wage gap -ruled that the 180 day statue of limitiations gets reset each time wages or benefits are paid |
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Employee Retirement Income Security Act of 1974 (ERISA) |
- sets min. standards for most pension & health plans in private industry - enforced by Department of Labor - Pension Benefit Guaranty Corporation (PBGC) guarantees payments |
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A salary/wage is a |
price and is subject to supply and demand analysis |
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Salary pricing too high or too low can..
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too high: creates excess payments & diminished profit margins too low: can create turnover, motivate current staff |
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employees perception of salary/wage |
- wage or salary is "income" - standard of living is determined by income |
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employers perception of salary/wage |
- wage or salary is "administrative/programmed prices" -set wages for the market. they are not wage takers. they manage the labor and cost supply |
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Direct labor |
the amount paid to an employee that can be specifically tied to labor services performed in the delivery of a service or production of a product |
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Indirect labor |
amount of money not spent on work preformed but, on items such as machines, heating, lighting etc. required to manufacture a product or deliver a service |
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2 CRITICAL DECISIONS all organizations must make in developing pay plans |
Abilityto Pay - assessment of revenue to expenses - organizations must look at base pay, incentives,benefits & calculate the cost of benefits as a % of wages Willingness to Pay - ability to attract quality employees versus higher turnovers and continual training of new staff. |
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Freedom of Choice is... |
ideal condition for the pricing of pay scales |
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Salary/wage pricing today is greatlyimpacted by |
the growth of staffing/temporary/PEO firms |
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Expectancy theory |
an individual believes they can accomplish certain task(s) & the rewards are worth the effort |
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Equity theory |
we are motivated when we believe our inputs are at least “roughly” equal to other persons. We don't want to “feel” that we are working harder than the next person yet getting less payment for our efforts |
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Learning theory |
we are rewarded or punished in some direct relationship with positive or negative reinforcement work behaviors |
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Pay for performance |
performing work at or above the work standards required of the job issue - people may view this as unfair |
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Longevity |
paying on the basis of seniority issue-entitlement problems & reduced motivation |
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At, Above, or Below Market |
individual organization preference based on its needs and ability to compete in market & make payments |
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Wage compression |
external & internal pressures |
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COMPENSATION DESIGN PROCESS |
1. Begin w/ “job analysis” 2. Develop “job description & job specification” 3. Job Evaluation Process 4. Conduct “wage surveys” to determine pay rates in the job market 5. Decide on a Pay Philosophy - Lead the market -Pay at the market rates - Lag behind the market 6. Develop “pay structure” |
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Job Ranking |
The organization subjectively ordering jobs from lowest to highest or vice versa,in terms of value to the company |
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Point Factor |
Objectively breaking down a job into “compensable factors” & applying points to each factor based on the job’s level of difficulty. |
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Factor Comparison |
◦Pay philosophy ◦Job hierarchy ◦Wage surveys |
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Pay structure |
creates a hierarchy of jobs and their associated rates of pay within the organization. |
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Minimum rate |
rate based on the surveys by the company & usually the Labor Market Competition |
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Midpoint (job worth) |
rate for a person fully trained and performing satisfactorily on the job |
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Maximum rate |
Rates paid through the labor product market competition |
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Green Circle Rates |
base pay is below the minimum of the salary range |
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Red Circle Rates |
base pay is above the maximum of the pay range |
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Incentive pay (variable pay) |
pay for performance piecework – production commission sales |
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piece work |
work paid for according to the amount they produce |
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Profit Sharing |
a system in which the people who work for a company receive a direct share of the profits. |
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Gain sharing |
Payment is based on measured outcomes: ◦Increased revenues ◦Productivity ◦Lower labor costs ◦Safety |
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Gift |
Typically based on length of service or some milestone reached by the EE, either for special service or significant contribution to the company |
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Employee Stock Options |
-Based on the job level they have with the company - can sell shares after being with the company for a certain number of years etc.. |
