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ManagingCompensation
Human Resource Management
| Question | Answer |
|---|---|
| Compensation | -Pay is a statement of an employee’s worth by an employer. -Pay is a perception of worth by an employee. |
| Direct Compensation | -wages/salaries -commissions -bonuses -gainsharing |
| Indirect Compensation | Time not worked -vacations, breaks, holidays Insurance Plans -medical, dental, life Security Plans -pensions Employee Services -education prog. -recreational prog. |
| 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 Equity (also Distributive Fairness) | -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. |
| 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. |
| Hourly Work | Work paid on an hourly basis |
| Piecework | Work paid according to the number of units produced |
| Salary Workers | Employees whose compensation is computed on the basis of weekly, biweekly, or monthly pay periods. |
| 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. |
| 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. |
| The Wage Mix—Internal Factors | -Employer’s Compensation Strategy -Worth of a Job -Employee’s Relative Worth -Employer’s Ability-to-Pay |
| The Wage Mix—External Factors | -Labor Market Conditions -Area wage rates -Cost of living -Collective Bargaining |
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