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mg 409 exam 3
| Question | Answer |
|---|---|
| Tangible rewards | are elements of compensation that can be quantitatively measured, so it is possible to calculate the monetary value of each reward |
| intangible rewards | are elements of compensation that cannot be as easily measured or quantified. |
| base pay | The basic compensation that an e employee receives is called |
| Wages- | payments caluated directly on the basis on time worked by employees |
| Salary- | consistent payments made each period regardless of the number of hours worked |
| Variable pay- | compensation linked directly to individual, team, or organizational performance |
| Benefit : | A tangible indirect reward given to an employee or group of employees as part of membership in the organization, regardless of performance |
| prevailing wage: | An hourly wage determined by a formula that considers the rate paid for a job by a majority of the employers in the appropriate geographic area |
| Garnishment: | A court order that directs an employer to set aside a portion of an employee’s wages to pay a debt owed to a creditor |
| entitlement philosophy: | Assumes that individuals who have worked another year with the company are entitled to pay increases with little regard for performance differences |
| pay-for-performance philosophy: | Assumes that compensation decisions reflect performance differences |
| equity theory - | States that individuals judge fairness (equity) in compensation by comparing their inputs and outcomes against the inputs and outcomes of referent other |
| Expectancy theory - | States that an employee’s motivation is based on the probability that his or her efforts will lead to an expected level of performance that is linked to a valued reward |
| Competency-based pay- | Rewards individuals for the capabilities they demonstrate and acquire |
| Job evaluation- | Formal, systematic means to determine the relative worth of jobs within an organization |
| compensable factor- | Job dimension commonly present throughout a group of jobs within an organization that can be rated for each job |
| market pricing- | Uses market pay data to identify the relative value of jobs based on what other employers pay for similar jobs |
| pay survey- | Collection of data on compensation rates for workers performing similar jobs in other organizations |
| pay grades- | Groupings of individual jobs that have approximately the same value to the organization |
| market line- | Graph line that shows the relationship between job value as determined by job evaluation points and job value as determined by pay survey rates |
| market banding- | Grouping jobs into pay grades based on similar market survey amounts |
| Broadbanding- | Practice of using fewer pay grades with much broader ranges than in traditional compensation systems |
| Compa-ratio: | Pay level divided by the midpoint of the pay range |
| red-circled employee: | Incumbent who is paid above the range set for a job |
| green-circled employee: | Incumbent who is paid below the range set for a job. |
| pay compression: | Occurs when the pay differences among individuals with different levels of experience and performance become small |
| Salary inversion: | Occurs when the pay given to new hires is higher than the compensation provided to more senior employees |
| Seniority: | Time spent in an organization or working in a particular job |
| lump-sum increase (LSI): | netime payment of all or part of a yearly pay increase |
| Variable pay | is compensation that is tied to performance |
| extrinsic rewards: | Rewards that are external to the individual |
| Intrinsic rewards : | Rewards that are internal to the individual |
| line of sight: | Idea that employees can clearly see how their actions and decisions lead to desired outcomes |
| Critical success factors: | variables that have a strong influence on the results of the organization |
| Key performance indicators (KPIs) | Scorecard measures that tell managers how well the organization is performing relative to critical success factors |
| piece-rate system : | pay system in which wages are determined by multiplying the number of units produced by the piece rate for one unit |
| bonus: | one-time payment that does not become part of the employee’s base pay |
| Nonmonetary incentives | Rewards that are not given in cash |
| free rider | A member of the group who contributes little |
| gainsharing | System of sharing with employees greater than expected gains in profits and/or productivity |
| Profit sharing | System to distribute a portion of an organization’s profits to employees |
| stock option plan | Gives employees the right to purchase a fixed number of shares of company stock at a specified price for a limited period of time |
| employee stock ownership plan (ESOP) | Designed to give employees significant stock ownership in their organizations |
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