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HRM Chapter 11

Vocabulary

TermDefinition
Agency theory An economic theory that uses differences in the interests of principals (owners) and agents (employees) to describe reactions to compensation.
Broadbanding The practice of reducing the number of pay categories so that each pay grade contains a large set of different jobs.
Contingency A reinforcement principle requiring that desirable consequents only be given after the occurrence of a desirable behavior.
Distributive justice Perceptions of fairness based on the outcomes (such as pay) received from an organization.
Employee compensation The human resource practice of rewarding employees for their contributions.
Equity theory A justice perspective suggesting that people determine the fairness of their pay by comparing what they give to and receive from the organization with what others give and receive.
Exempt employees Workers, such as executives, administrators, professionals, and sales representatives, who are not covered by the FLSA.
Expectancy An individual's belief that he or she can do what is necessary to achieve high performance.
Expectancy theory A psychological theory suggesting that people are motivated by a combination of three beliefs: valence, instrumentality, and expectancy.
External equity Employee perceptions of fairness based on how much they are paid relative to people working in other organizations.
Fair Labor Standards Act (FLSA) Federal legislation that governs compensation practices and helps ensure fair treatment of employees.
Goal setting theory A psychological theory suggesting that an individual's conscious choices explain motivation.
Instrumentality The belief in the likelihood that the reward will actually be given contingent on high performance.
Internal equity Employee perceptions of fairness based on how much they are paid relative to others working in the same organization.
Job based pay A determination of how much to pay an employee that is based on assessments about the duties performed.
Justice theory A psychological theory suggesting that motivation is driven by beliefs about fairness.
Lag the market strategy A compensation decision to pay employees an amount below what they might earn working for another organization.
Lead the market strategy A compensation decision to pay employees an amount above what they might earn working for another organization.
Market based pay A compensation approach that determines how much to pay employees by assessing how much they could make working for other organizations.
Meet the market strategy A compensation decision to pay employees an amount similar to what they can make working for other organizations.
Minimum wage A compensation rule requiring organizations to pay employees at least a certain amount for each hour they work.
Motivation The sum of forces that cause an individual to engage in certain behaviors rather than alternative actions.
Nonexempt employees All employees who are not explicitly exempt from the FLSA, sometimes referred to as hourly workers.
Overtime A compensation rule requiring organizations to pay a higher hourly rate for each hour that a nonexempt employee works beyond 40 hours in a one week period.
Pay for performance Compensation practices that use differences in employee performance to determine differences in pay.
Pay level The compensation decision concerning how much to pay employees relative to what they could earn doing the same job elsewhere.
Pay survey Gathering information to learn how much employees are being paid by other organizations.
Point system A process of assigning numerical values to each job in order to compare the value of contributions within and across organizations.
Procedural justice Perceptions of fairness based on the processes used to allocate outcomes such as pay.
Reinforcement theory A psychological theory suggesting that people are motivated by antecedents (environmental cues) and consequents (rewards and punishments).
Relational commitment A sense of loyalty to an organization that is based not only on financial incentives but also on social ties.
Salary compression A situation created when new employees receive higher pay than employees who have been with the organization for a long time even though they perform the same job.
Skill based pay A determination of how much to pay an employee that is based on skills, even if those skills are not currently used to perform duties.
Transactional commitment A sense of obligation to an organization that is created primarily by financial incentives.
Uniform rewards A reward system that minimizes differences among workers and offers similar compensation to all employees.
Valence The value that an individual places on a reward being offered.
Variable rewards A reward system that pays some employees substantially more than others in order to emphasize difference between high and low performers.
Created by: LJones8376
 

 



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