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66 Cards in this Set
- Front
- Back
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Value-Added Compensation
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Evaluating the individual components of the compensation program to see whether they advance the needs of employees and the goals of the organization
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Pay-for-Performance Standard
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A standard by which managers tie compensation to employee effort and performance
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Pay Equity
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An employee's perception that compensation received is equal to the value of the work performed
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Hourly Work
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Work paid on an hourly basis
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Piecework
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Work paid according to the number of units produced
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Nonexempt Emplo"yees
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Employees covered by the overtime provisions of the Fair Labor Standards Act
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Exempt Employees
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Employees not covered by the overtime provisions of the Fair Labor Standards Act
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Consumer Price Index
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A measure of the average change in prices over time in a fixed "market basket" of goods and services
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Escalator Clauses
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Clauses in labor agreements that provide for quarterly cost-of-living adjustments in wages, basing the adjustments on changes in the consumer price index
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Real Wages
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Wage increases larger than rises in the consumer price index; that is the real earning power of wages
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Job Evaluation
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A systematic process of determining the relative worth of jobs in order to establish which jobs should be paid more than others within an organization
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Job Ranking System
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The simplest and oldest system of job evaluation by which jobs are arrayed on the basis of their relative worth
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Job Classification System
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A system of job evaluation in which jobs are classified and grouped according to a series of predetermined wage grades
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Point System
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A quantitative job evaluation procedure that determines the relative value of a job by the total points assigned to it
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Work Valuation
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A job evaluation system that seeks to measure a job's worth through its value to the organization
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Hay Profile Method
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A job evaluation technique using three factors- knowledge, mental activity, and accountability- to evaluate executive and managerial positions
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Wage and Salary Survey
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A survey of the wages paid to employees of other employers in the surveying organization's relevant labor market
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Wage Curve
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A curve in the scattergram representing the relationship between relative worth of jobs and wage rates
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Pay Grades
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Groups of jobs within a particular class that are paid the same rate
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Red Circle Rates
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Payment rates above the maximum of the pay range
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Competence-Based Pay
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Pay based on an employee's skill level, variety of skills possessed, or increased job knowledge
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Comparable Worth
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The concept that male and female jobs that are dissimilar, but equal in terms of value or worth to the employer, should be paid the same
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Wage-Rate Compression
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Compression of differentials between job classes, particularly the differential between hourly workers and their managers
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Variable Pay
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Tying to some measure of individual, group, or organizational performance
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Straight Piecework
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An incentive plan under which employees receive a certain rate for each unit produced
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Differential Piece Rate
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A compensation rate under which employees whose production exceeds the standard amount of output receive a higher rate for all of their work than the rate paid to those who do not exceed the standard amount
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Standard Hour Plan
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An incentive plan that sets rates based on the completion of a job in a predetermined standard time
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Bonus
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An incentive payment that is supplemental to the base wage
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Spot Bonus
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An unplanned bonus given for employee effort unrelated to an established performance measure
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Merit Guidelines
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Guidelines for awarding merit raises that are tied to performance objectives
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Lump-Sum Merit Program
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Program under which employees receive a year-end merit payment, which is not added to their base pay
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Straight Salary Plan
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A compensation plan that permits salespeople to be paid for performing various duties that are not reflected immediately in their sales volume
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Straight Commission Plan
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A compensation plan based on a percentage of sales
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Combined Salary and Commission Plan
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A compensation plan that includes a straight salary and a commission
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Perquisites
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Special nonmonetary benefits given to executives; often referred to as perks
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Team Incentive Plan
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A compensation plan in which all team members receive an incentive bonus payment when production or service standards are met or exceeded
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Gainsharing Plans
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Programs under which both employees and the organization share financial gains according to a predetermined formula that reflects improved productivity and profitability
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Scanlon Plan
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A bonus incentive plan using employee and management committees to gain cost-reduction improvements
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Rucker Plan
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A bonus incentive plan based on the historic relationship between the total earnings of hourly employees and the production value created by the employees
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Improshare
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A gainsharing program under which bonuses are based on the overall productivity of the work team
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Profit Sharing
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Any procedure by which an employer pays, or makes available to all regular employees, in addition to base play, special current or deferred sums based on the profits of the enterprise
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Employee Stock Ownership Plans
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Stock plans in which an organization contributes shares of its stock to an established trust for the purpose of stock purchases by its employees
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Flexible Benefits Plans (Cafeteria Plans)
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Benefit plans that enable individual employees to choose the benefits that are best suited to their particular needs
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Workers' Compensation Insurance
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Federal-or state-mandated insurance provided to workers to defray the loss of income and cost of treatment due to work-related injuries or illness
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Health Maintenance Organizations (HMOs)
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Organizations of physicians and healthcare professionals that provide a wide range of services to subscribers and dependents on a prepaid basis
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Preferred Provider Organization (PPO)
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A group of physicians who establish an organization that guarantees lower healthcare costs to the employer
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Consumer-Driven Health Plan
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A medical insurance plan financed by employer contributions to an employee's individual healthcare spending account
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Supplemental Unemployment Benefits
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A plan that enables an employee who is laid off to draw, in addition to state unemployment compensation, weekly benefits from the employer that are paid from a fund created for this purpose
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Silver Handshake
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An early-retirement incentive in the form of increased pension benefits for several years or a cash bonus
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Contributory Plan
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A pension plan in which contributions are made jointly by employees and employers
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Noncontributory Plan
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A pension plan in which contributions are made solely by the employer
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Defined-Benefit Plan
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A pension plan in which the amount an employee is to receive on retirement is specifically set forth
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Defined-Contribution Plan
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A pension plan that establishes the basis on which an employer will contribute to the pension fund
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Vesting
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A guarantee of accrued benefits to participants at retirement age, regardless of their employment status at that time
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Employee Assistance Programs
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Services provided by employers to help workers cope with a wide variety of problems that interfere with the way they perform their jobs
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Elder Care
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Care provided to an elderly relative by an employee who remains actively at work
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Right-to-Know Laws
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Laws that require employers to advise employees about the hazardous chemicals they handle
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Material Safety Data Sheets
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Documents that contain vital information about hazardous substances
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Recordable Case
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Any occupational death, illness, or injury to be recorded in the log (OSHA form 300)
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Cumulative Trauma Disorders
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Injuries involving tendons of the fingers, hands, and arms that become inflamed from repeated stresses and strains
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Depression
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A negative emotional state marked by feelings of low spirits, gloominess, sadness, and loss of pleasure in ordinary activities
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Stress
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Any adjustive demand caused by physical, mental, or emotional factors that requires coping behavior
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Eustress
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Positive stress that accompanies achievement and exhilaration
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Distress
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Harmful stress characterized by a loss of feelings of security and adequacy
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Alarm Reaction
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A response to stress that basically involves an elevated heart rate, increased respiration, elevated levels of adrenaline in the blood, and increased blood pressure
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Burnout
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A severe stage of distress, manifesting itself in depression, frustration, and loss of productivity
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