Term
| Name the (3) stages in establishing pay rates |
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Definition
1. Job evaluation: determine the worth of each of the jobs through classification and point methods
2. Conduct a wage salary survey: internally and externally to ensure equity
3. Combine job evaluation and salary survey information to determine pay: using a wage curve or broadbanding |
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Term
| Describe: competency based pay |
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Definition
Plans that pay employees for the range, depth, and types of knowledge that they are capable of using, rather than for the job that they currently hold
Types of competencies: functional, behavioral, core |
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Term
| What are the (5) basic elements in a executive/managerial compensation package? |
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Definition
1. Salary
2. Benefits
3. Short-term incentives
4. Long-term incentives
5. Perquisites |
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Term
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Definition
Providing equal pay to male-dominated job classes and female-dominated classes of equal value to the employer
Purpose is to redress systematic gender discrimination in compensation for work performed by employees in female dominated job classes |
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