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HRM Chapter 12
Vocabulary
| Term | Definition |
|---|---|
| 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. |
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