Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Bus 384: Chapter 10
| Term | Definition |
|---|---|
| Job-based pay | evaluate the contributions/value of each job and set a max and min pay for each job independently |
| Knowledge-based/skill-based | employees are paid on the basis of the jobs they can do or talents they have that can be successfully applied to a variety of tasks and situations |
| the going rate | the midpoint of the wage/salary distribution in the survey |
| elitism | different compensation systems are established for employees or groups at different organizational levels |
| egalitarianism | pay plan where most employees are part of the same compensation system |
| market survey | determine the pay ranges for each grade level |
| external equity | the perceived fairness in pay relative to what other employers are paying for the same type of labor |
| internal equity | the perceived fairness of the pay structured within a firm |
| individual equity | the perceived fairness of individual pay decisions |
| base compensation | the fixed pay an employee receives on a regular basis either in the form of a salary or as an hourly wage |
| labor market model | a model of pay equity where the wage rate for any given occupation is set at the point where the supply of labor equals the demand for labor in the marketplace |
| distributive justice | employees exchange their contributions or input to the firm (skills, effort, time, etc.) for a set of outcomes (pay is one of the most important but also co. car, recognition, etc.) |
| Consequences of pay secrecy | 1) greater dissatisfaction because EE tend to overestimate the pay of coworkers and superiors 2) supervisors have to defend their compensation decisions |
| job evaluation | the process of evaluating the relative value or contribution of different jobs to an organization |
| comparable worth | a pay concept or doctrine that calls for comparable pay for jobs that require comparable skills, effort, and responsibility and have comparable working conditions, even if the job content is different |
Created by:
mbarnum3
Popular Management sets