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Mgmt 384
Chapters 11, 13, 15
48
Management
Undergraduate 2
12/07/2012

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Term
total rewards
Definition
monetary and non monetary rewards provided by companies to attract, motivate, and retain employees
Term
broad banding
Definition
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
Term
base pay compensation
Definition
basic compensation that an employee receives, usually as a wage or salary
Term
variable pay
Definition
compensation linked directly to individual, team, or organizational performance
Term
benefits
Definition
indirect reward given to employee or group of employees as part of membership in the organization
Term
entitlement philosophy
Definition
assumes that individuals who have worked another year are entitled to pay increases, with little regard for performance differences
Term
pay-for-performance philosophy
Definition
requires that compensation changes reflect performance differences
Term
equity
Definition
perceived fairness between what a person does and what the person receives. similar skills and knowledge, even though titles are different
Term
external equity
Definition
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
Term
internal equity
Definition
employees recieve compensation in relation to KSAs they use in jobs, as well as responsibilities and accomplishments. procedural justice and distributive justice are related
Term
meet-the-market strategy
Definition
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
Term
lag-the-market
Definition
can be used successfully by employers when an abundance of workers are available for low skill level jobs
Term
lead-the-market
Definition
strategy enables a company to attract and retain sufficient workers with the required capabilities and to be more selective when hired. higher-cost approach
Term
competency-based pay
Definition
rewards individuals for the capabilities they demonstrate and acquire
Term
Fair Labor Standards Act
Definition
establish minimum wage
discourage child labor
encourage limits on # of hours employees work per week through overtime provisions
federal law passed in 1938
Term
minimum wage
Definition
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
Term
living wage
Definition
city and states pay wages that are higher than the federal minimum wage; in cities, municipalities, and states
Term
prevailing wage
Definition
money paid
Term
child labor provisions
Definition
min age for employment with unlimited hours at 16 years, 18 years for hazardous occupations.
Term
Non-exempt employees
Definition
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.
Term
Exempt employees
Definition
receive salary wages instead of hourly minimum wage, typically executive, administrative, professional, computer employees, outside sales. Pay level per week, duties and decisions
Term
Common overtime issues
Definition
compensatory, training and travel time, incentives for nonexempt employees,
Term
Compensatory time off
Definition
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
Term
Incentives for non exempt employees
Definition
employers add the amount of work related incentives to a person's base pay.
Term
Garnishment
Definition
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
Term
Garnishment laws
Definition
regulations passed as part of the consumer protection act have established limitations on the amount of wages that can be garnished
Term
Lilly Ledbetter Fair Pay Act
Definition
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
Term
Seniority standardized pay adjustments
Definition
time spent in an organization or on a particular job, usually set after a required amount of time
Term
Cost of Living Adjustment
Definition
use of COLA, often these adjustments are tied to changed in the Consumer Price index or other economic measure
Term
Across the Board increases
Definition
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
Term
lump sum increases
Definition
when your starting pay increases by some %, usually yearly
Term
Benefits
Definition
an indirect reward given to an employee or group of employees for organizational membership
Term
Flexible benefits
Definition
program that allows employees to select benefits they'd prefer from ones established by employer
Term
Gov mandated benefits
Definition
Soc Security (fed) and unemployment insurance (state) are funded through tax paid by the employer based on all states. HIPPA and COBRA too
Term
Severance pay
Definition
security benefit voluntarily offered by employers to indiv whose jobs are eliminated or who by mutual agreement
Term
Managed care health benefits
Definition
approaches that monitor and reduce medical costs through restrictions and market system alternatives
Term
PPO preferred provider organization health benefits
Definition
a health provider that contracts with an employer or an employer group supply health care services to employees at a competitive rate
Term
health maintenance organization (HMO)
Definition
plan that provides services for a fixed period on a prepaid basis
Term
COBRA – the Consolidated Omnibus Budget Reconciliation Act
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
Term
HIPPA – Health Portability and Accountability Act
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
Term
Flexible Spending Accounts
Definition
benefits plans that allow employees to contribute pretax dollars to fund certain additional benefits
Term
defined-benefit pension plans
Definition
retirement program in which employees are promised a pension amount based on age and service
Term
defined-contribution pension plan
Definition
retirement program in which the employer makes an annual payment to an employee's pension account
Term
contributory plan
Definition
pension plan in which the money for pension benefits is paid by both employees and the employer
Term
non-contributory plan
Definition
pension plan in which all the funds for pension benefits are provided by the employer
Term
vesting
Definition
right of employees to receive certain benefits from their pension plans
Term
portability
Definition
a pension plan feature that allows employees to move their pension benefits from one employer to another
Term
Family Medical Leave Act (FMLA)
Definition
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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