Term
|
Definition
| The monetary and non-monetary rewards provided to employees to attract, motivate, and retain them. |
|
|
Term
|
Definition
| The basic compensation that an employee receives, usually as a wage or a salary. |
|
|
Term
|
Definition
| Payments calculated based on time worked. |
|
|
Term
|
Definition
| Same payment each period regardless of the number of hours worked. |
|
|
Term
|
Definition
| Compensation linked directly to individual, team, or organizational performance. |
|
|
Term
|
Definition
| A reward given to an employee or a group of employees for organizational membership, regardless of performance. |
|
|
Term
|
Definition
| Assumes that individuals who have worked another year are entitled to pay increases, with little regard to performance differences. |
|
|
Term
| Pay-for-performance philosophy |
|
Definition
| Requires that compensation changes reflect performance differences. |
|
|
Term
|
Definition
| The perceived fairness of what a person does (inputs) and what the person receives (outcomes). |
|
|
Term
|
Definition
| The perceived fairness of the process and procedures used to make decisions about employees, including their pay. |
|
|
Term
|
Definition
| The perceived fairness in the distribution of outcomes. |
|
|
Term
|
Definition
| Rewards individuals for the capabilities they demonstrate and acquire. |
|
|
Term
|
Definition
| Involves earnings that are supposed to meet the basic needs of an individual working for an organization, including food, clothing, and shelter. |
|
|
Term
|
Definition
| Hold positions for which employers are not required to pay overtime. |
|
|
Term
|
Definition
| They must be paid overtime. |
|
|
Term
|
Definition
| Identifies a job value commonly present throughout a group of jobs. |
|
|
Term
|
Definition
| A collection of data on compensation rates for workers performing similar jobs in other organizations. |
|
|
Term
|
Definition
| Jobs performed by individuals who have similar duties that require similar KSAs. |
|
|
Term
|
Definition
| Group of jobs having common organizational characteristics. |
|
|
Term
|
Definition
| Group individual jobs having approximately the same job worth. |
|
|
Term
|
Definition
| Shows the relationship between job value as determined by job evaluation points and job value as determined by pay survey rates. |
|
|
Term
|
Definition
| The practice of using fewer pay grades with much broader ranges than in traditional compensation systems. |
|
|
Term
|
Definition
| An individual whose pay is below the range set for a job. |
|
|
Term
|
Definition
| When the pay differences among individuals with different levels of experience and performance become small. |
|
|
Term
|
Definition
| The pay level divided by the midpoint of the pay range. |
|
|
Term
|
Definition
| A one-time payment of all or part of a yearly pay increase. |
|
|
Term
|
Definition
| Specials benefits (Non cash items). |
|
|
Term
|
Definition
| A subgroup of the board of directors that is composed of directors who are not officers of the firm. |
|
|
Term
| Straight piece-rate system |
|
Definition
| Wages are determine by multiplying the number of units produced by the piece rate for one unit. |
|
|
Term
|
Definition
| A one-time payment that does not become part of the employee's base pay |
|
|
Term
|
Definition
| The system of sharing with employees greater-than-expected gains in profits and/or productivity. |
|
|
Term
|
Definition
| Distributes some portion of organizational profits to employees. |
|
|
Term
|
Definition
| Gives employees the right to purchase a fixed number of shares of company stock at a specific exercise price for a limited period of time. |
|
|
Term
|
Definition
| Sales representatives can draw advance payments against future commissions. |
|
|
Term
|
Definition
| Allows employees to select the benefits they prefer from groups of benefits established by the employer. |
|
|
Term
|
Definition
| Provides benefits to persons who are injured on the job. |
|
|
Term
|
Definition
| Voluntarily offered by employers to individuals whose jobs are eliminated or who leave by mutual agreement with their employer. |
|
|
Term
|
Definition
| Requires employees to pay a portion of the cost of insurance premiums, medical care, and prescription drugs. |
|
|
Term
|
Definition
| Consists of approaches that monitor and reduce medical costs through restrictions and market system alternatives. |
|
|
Term
| Preferred provider organization (PPO) |
|
Definition
| A health care provider that contracts with an employer or an employer group to supply health care services to employees at a competitive rate. |
|
|
Term
| Health maintenance organization(HMO) |
|
Definition
| Provides services for a fixed period of a prepaid basis. |
|
|
Term
| Consumer-driven Health (CDH) plan |
|
Definition
| Provides employer financial contributions to employees to help cover their health-related expenses. |
|
|
Term
| Health savings accounts (HSAs) |
|
Definition
| combined with high-deductible insurance to cut employer costs. |
|
|
Term
|
Definition
| employees are promised a pension amount based on age and service. |
|
|
Term
| Defined-contribution plan |
|
Definition
| the employer makes an annual payment to an employee's pension account. |
|
|
Term
|
Definition
| Retirement benefits are based on an accumulation of annual company contributions. |
|
|
Term
|
Definition
| money for pension benefits is paid in by both employees and the employer. |
|
|
Term
|
Definition
| The employer provides all the funds for pension benefits. |
|
|
Term
|
Definition
| An agreement in which a percentage of an employee's pay is withheld and invested in a tax-deferred account. |
|
|
Term
|
Definition
| assures employees a certain pension, provided they work a minimum number of years. |
|
|
Term
|
Definition
| Combines all sick leave, vacation time, and holidays into a total number of hours or days that employees can take off with pay. |
|
|
