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Chapter 9 HRM
| Question | Answer |
|---|---|
| broadbanding | Collapses many traditional salary grades into a few wide salary bands. |
| competence-based pay | Compensation for the different skills or increased knowledge employees possess rather than for the job they hold in a designated job category. |
| consumer price index (CPI) | A Bureau of Labor Statistics measure of the average change in prices over time in a fixed “market basket” of goods and services |
| escalator clauses | clauses in labor agreements that provide for quarterly cost-of-living adjustments in wages, basing the adjustments on changes in the consumer price index |
| exempt employees | Employees who not covered in the overtime provisions of the Fair Labor Standards Act. Managers, supervisors, and white-collar professional employees are exempted on the basis of their exercise of independent judgment and other criteria. |
| Hay profile method | Job evaluation technique using three factors—knowledge, mental activity, and accountability —to evaluate executive and managerial positions. |
| hourly work | Work paid on an hourly basis. |
| job classification system | A system of job evaluation in which jobs are classified and grouped according to a series of predetermined wage grades. |
| job evaluation | The systematic process of determining the relative worth of jobs in order to establish which jobs should be paid more than others within an organization. |
| job ranking system | Oldest system of job evaluation by which jobs are arrayed on the basis of their relative worth. |
| nonexempt employees | Employees covered by the overtime provisions of the Fair Labor Standards Act. They must be paid time and one-half their regular pay for all work performed after forty regular hours of work in a workweek. |
| pay equity | An employee’s perception that compensation received is equal to the value of the work performed. A motivation theory that explains how people respond to situations in which they feel they have received less (or more) than they deserve. |
| pay-for-performance standard | managers tie compensation to employee effort and performance. Refers to a wide range of compensation options, including merit-based pay, bonuses, salary commissions, job and pay banding, team/group incentives, and various gainsharing programs. |
| pay grades | Groups of jobs within a particular class that are paid the same rate. |
| piecework | Work paid according to the number of units produced |
| point system | A quantitative job evaluation procedure that determines the relative value of a job by the total points assigned to it. Permits jobs to be evaluated quantitatively on the basis of factors or elements—compensable factors—that constitute the job. |
| real wages | are increases larger than rises in the consumer price index; that is, the real earning power of wages. |
| red circle rates | Payment rates above the maximum of the pay range. |
| wage and salary survey | A survey of the wages paid to employees of other employers in the surveying organization’s relevant labor market. Helps maintain internal and external pay equity for employees. |
| wage curve | A curve in a scatter gram representing the relationship between relative worth of jobs and wage rates. |
| pay rate compression | Compression of pay between new and experienced employees caused by the higher starting salaries of new employees; also the differential between hourly workers and their Managers. |
| work valuation | A job evaluation system that seeks to measure a job’s worth through its value to the organization. |
| Expectancy theory | A theory of motivation that holds that employees should exert greater work effort if they have reason to expect that it will result in a reward that they value. |
| pay secracy | An organizational policy prohibiting employees from revealing their compensation information to anyone. |
Created by:
taylormel