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HRM Chapter 12

Vocabulary

TermDefinition
At risk pay Compensation where the amount varies across pay periods depending on performance.
Base pay Compensation that is consistent across time periods and not directly dependent on performance level.
Base wage Target compensation for a job, which is determined in comparison to the wage that similar employees are being paid by other organizations.
Commission An individual incentive program in which each employee is paid a percentage of the sales revenue that he or she generates.
Compensation package The mix of salary, benefits, and other incentives that employees receive from the organization.
Defined benefit plan A retirement plan under which an organization provides retired individuals with a fixed amount of money each month; the amount is usually based on number of years employed and pay level at retirement.
Defined contribution plan A retirement plan under which the employer and/or the employee contribute to a fund for which only the contributions are defined and benefits vary according to the amount accumulated in the fund at retirement.
Disability insurance A form of insurance that provides benefits to individuals who develop mental or physical conditions that prevent them from working.
Discretionary team bonus A group level incentive provided to members of a team when a supervisor observes high collective performance.
Employee benefits Rewards other than salary and wages; typically include things such as retirement savings and insurance.
Employee stock ownership plan (ESOP) A plan under which an organization sets up a trust fund to hold and manage company stock given to employees.
Gainsharing A group level incentive program that rewards groups of employees for working together to reduce costs and improve productivity.
Goal based team reward A group level incentive provided to members of a team when the team meets or exceeds a specific goal.
Group incentive A reward that depends on the collective performance of a group of employees.
Healthcare plan An insurance plan that provides workers with medical services.
Health maintenance organization (HMO) A healthcare plan under which the provider receives a fixed amount for providing necessary services to individuals who are enrolled in the plan.
Health savings account (HSA) A personal savings account that an employee can use to pay healthcare costs.
Life insurance A form of insurance that pays benefits to family members or other beneficiaries when an insured person dies.
Line of sight The extent to which employees can see that their actions influence the outcomes used to determine whether they receive a particular reward.
Merit bonus A one time payment made to an individual for high performance.
Merit pay increase An individual incentive program in which an employee's salary increase is based on performance.
Pay without work Compensation paid for time off, such as holidays.
Piece rate incentive An individual incentive program in which each employee is paid a certain amount for each piece of output.
Qualified benefit plan A benefit plan that meets federal guidelines so that the organization can provide nontaxable benefits to employees.
Social security system A federal program that requires workers to pay into a retirement fund, from which they will draw when they have reached a certain age.
Stock options Rights to purchase stock at a specified price in the future.
Stock plan An incentive plan that gives employees company stock, providing the employees with an ownership interest in the organization.
Unemployment insurance A network of state mandated insurance plans that provide monetary assistance to workers who lose their jobs through no fault of their own.
Vested Eligible to receive the benefits of a retirement plan; individual employees must often work a certain period of time before such eligibility is granted.
Workers’ compensation State programs that provide workers and families with compensation for work.
Flexible benefit program, or cafeteria benefits A benefit program that allows employees to choose the benefits that they want from a list of available benefits.
Individual incentive A reward that depends on the performance of the individual employee.
Profit sharing An organization wide incentive program under which a portion of organizational profits are shared with employees.
Sick leave Compensation paid to employees who are unable to work because they are ill.
Standard rate The rate of pay that an employee receives for producing an average number of output units.
Created by: LJones8376
 

 



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