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40 Cards in this Set
- Front
- Back
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Pay structure |
Relative pay of different jobs and how much they are paid |
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Job structure |
Relative pay of jobs on an organization |
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Efficiency wage theory |
Wage influences worker productivity |
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Rate ranges |
Different employees in same job may have different rates |
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Key jobs |
Benchmark jobs relatively stable and common in many organizations |
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Nonkey jobs |
Unique cannot be compared |
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Job evaluation |
Internal measure of job worth |
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Commendable factors |
Characteristics of a job an organization pays for |
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Pay policy line |
Mathematical expression that describes the relationship between pay and evaluation points |
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Pay grades |
Jobs of similar worth grouped for admin purposes |
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Range spread |
Differences between mom and max in pay grade |
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Compa ratio |
An index of correspondence between actual and intended pay |
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Delayering |
Reducing number of job levels |
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Comparable worth |
Policy that remedies undervaluation of women’s jobs |
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Fair labor standards act |
Minimum wage and overtime pay |
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Inventive effect |
Effect a pay plan has on employee behavior |
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Expectancy theory |
Theory that says motivation is a function of valence instrumentality and expectancy |
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Proncipal |
Seeks to direct another persons behavior |
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Agent |
Acts of behalf of principal |
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Sorting effect |
Effect a pay plan has on composition of work force |
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Merit pay |
Base pay is increased permanently traditional |
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Merit bonus |
Merit pay in form of a bonus |
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Merit increase grid |
Grid that combines an employees performance rating with their position in a pay range to determine size and frequency of pay increases |
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Profit sharing |
Payment on a measure of company performance or profits |
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Stock options |
Employees can buy company stock at a previously fixed price |
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Employee stock ownership plan |
Tax and financial benefits when stock is granted to employees |
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Gain sharing |
Group compensation based on plant or group performance |
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Marginal tax rate |
Percentage of an additional dollar of earnings that goes to taxes |
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Consolidated omnibus budget reconciliation act |
Employers must permit employees to extend health coverage at group rates for 36 months after layoff |
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Pension benefit guaranty corporation |
Agency that garuntees employees a basic retirement benefit in event that company must reduce or terminate pension plans |
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Employee retirement income security act |
Increased fiduciary responsibilities of pension plan trustees portability provisions vesting rights and PBGC |
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Cash balance plan |
Employee sets up individual account for each employee and contributes percentage of salary |
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Summary plan description |
Employers must deceive plans funding eligibility requirements and risks within 90 days |
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Family and medical leave act |
Provide up to 12 weeks unpaid leave for childbirth/ serious family issues |
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Health maintenance organization |
Health care plan that provides benefits on prepaid basis require use of HMO providers |
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Preferred provider organization |
Group of health care providers who contract with employers insurance companies and so forth to provide care at a reduced fee |
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Financial accounting statement |
Requires companies to fund benefits provided after retirement on actual basis rather then pay as you go. And enter future cost obligations on financial statements |
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Red circle vs green circle |
Red- employees make too much compared to average Green- employees make too little |
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COBRA |
Extends health coverage after termination |
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% benefit categories |
Back (Definition) |
