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| monetary and non monetary rewards provided by companies to attract, motivate, and retain employees |
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| accomplished by combining multiple pay levels into one; this results in fewer pay grades (vertically) and more broad pay ranges (horizontally). As horizontal movement occurs, the level of responsibility increases, diff skill sets are developed and utilized and small pay increases |
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| basic compensation that an employee receives, usually as a wage or salary |
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| compensation linked directly to individual, team, or organizational performance |
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| indirect reward given to employee or group of employees as part of membership in the organization |
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| assumes that individuals who have worked another year are entitled to pay increases, with little regard for performance differences |
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| pay-for-performance philosophy |
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| requires that compensation changes reflect performance differences |
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| perceived fairness between what a person does and what the person receives. similar skills and knowledge, even though titles are different |
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| tracked by using pay surveys. if an employer does not provide pay that employees view as equitable compared to other employees performing similar jobs in other organizations, that employer will experience higher turnover |
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| employees recieve compensation in relation to KSAs they use in jobs, as well as responsibilities and accomplishments. procedural justice and distributive justice are related |
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| employers positioning themselves in the middle. can be used successfully by employers who seek to balance employer cost pressures and the need to attract and retain employees |
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| can be used successfully by employers when an abundance of workers are available for low skill level jobs |
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| strategy enables a company to attract and retain sufficient workers with the required capabilities and to be more selective when hired. higher-cost approach |
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| rewards individuals for the capabilities they demonstrate and acquire |
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establish minimum wage
discourage child labor
encourage limits on # of hours employees work per week through overtime provisions
federal law passed in 1938 |
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| required by federal loaw, states can pass legislation to pay more than the fed minimum wage, but they cannot pay less than the fed min wage |
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| city and states pay wages that are higher than the federal minimum wage; in cities, municipalities, and states |
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| min age for employment with unlimited hours at 16 years, 18 years for hazardous occupations. |
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Nonexempt employees are covered by FLSA rules and regulations
paid at least the federal minimum wage for each hour worked and given overtime pay of not less than one-and-a-half times their hourly rate for any hours worked beyond 40 each week. |
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| receive salary wages instead of hourly minimum wage, typically executive, administrative, professional, computer employees, outside sales. Pay level per week, duties and decisions |
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| compensatory, training and travel time, incentives for nonexempt employees, |
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| can't be carried from one pay period to the other, given in leui of payment for extra time worked at the rate of one week and a half |
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| Incentives for non exempt employees |
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| employers add the amount of work related incentives to a person's base pay. |
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| a court order that directs an employer to set aside a portion of an employee's wages to pay a debt owed to a creditor |
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| regulations passed as part of the consumer protection act have established limitations on the amount of wages that can be garnished |
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| Lilly Ledbetter Fair Pay Act |
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| signed by pres Obama in Jan.2009. claims of pay discrimination (race, religion, sex, color, disability) can be made at any time after alleged misconduct |
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| Seniority standardized pay adjustments |
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| time spent in an organization or on a particular job, usually set after a required amount of time |
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| Cost of Living Adjustment |
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| use of COLA, often these adjustments are tied to changed in the Consumer Price index or other economic measure |
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| Across the Board increases |
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| some call them merit raises, but they are not. If all employees receive it, then its not performance based. based on standard market percentage changes or financial budgeting |
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| when your starting pay increases by some %, usually yearly |
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| an indirect reward given to an employee or group of employees for organizational membership |
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| program that allows employees to select benefits they'd prefer from ones established by employer |
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| Soc Security (fed) and unemployment insurance (state) are funded through tax paid by the employer based on all states. HIPPA and COBRA too |
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| security benefit voluntarily offered by employers to indiv whose jobs are eliminated or who by mutual agreement |
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| Managed care health benefits |
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| approaches that monitor and reduce medical costs through restrictions and market system alternatives |
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| PPO preferred provider organization health benefits |
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| a health provider that contracts with an employer or an employer group supply health care services to employees at a competitive rate |
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| health maintenance organization (HMO) |
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| plan that provides services for a fixed period on a prepaid basis |
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| COBRA – the Consolidated Omnibus Budget Reconciliation Act |
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Definition
requires that most employers (except churches and fed. gov)with 20 hours or more full time and/or part time offer extended health care coverage to certain groups: employees who quit or terminated
widowed or divorces spouses and dependent children of former or current employees
retir4ees and their spouses, dependent children who health coverage ends
any child who is born or adopted by a covered employee
other individuals involved in the plan such as independent contractors and agents/directors |
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| HIPPA – Health Portability and Accountability Act |
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Definition
| 1996, allows employees to switch their health insurance plans when they switch employers, and to get new health coverage at the new company regardless of of preexisting health conditions. HIPPA also prohibits group insurance plans from dropping coverage for a sick employee |
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| Flexible Spending Accounts |
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| benefits plans that allow employees to contribute pretax dollars to fund certain additional benefits |
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| defined-benefit pension plans |
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| retirement program in which employees are promised a pension amount based on age and service |
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| defined-contribution pension plan |
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| retirement program in which the employer makes an annual payment to an employee's pension account |
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| pension plan in which the money for pension benefits is paid by both employees and the employer |
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| pension plan in which all the funds for pension benefits are provided by the employer |
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| right of employees to receive certain benefits from their pension plans |
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| a pension plan feature that allows employees to move their pension benefits from one employer to another |
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| Family Medical Leave Act (FMLA) |
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law requires that employers allow eligible employees to take a total of 12 weeks leave during any 12 month period for one or more of three situations:
birth, adoption or foster care placement
caring for spouse, child, parent
serious health condition of employee |
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