MANA 12
Child Labor
14-17 non hazardous jobs
COLA
Cost of Living Adjustment. Housing, gas, groceries
Equal Pay Act 1931
Equal pay for everyone men and women
Pension Reform Act
Introducing changes such as increasing retirement age, adjusting contribution rates enhancing benefits, regulating pension fund management
Skill-Based Pay System
Pay structures that set pay according to the emloyee's level of skills or knowledge and what they are capable of doing
Pay Grades
Sets of possible pay rates defined by a minimum maximum and mid point of pay for employees holding a particular job or a job within a particular pay grade
Pay level
The average amount the organization pays for a particular job
Minimum Wage
The lowest amount that employers may pay under federal or state law, stated as an amount of pay per hour
Prevailing Going Rates
- The Davis Bacon Act of 1931 requires contractors of federal construction projects to pay their labor's at least the prevailing wages and benefits in the area where the work is performed. Union Labor Agreement relates to it - Walsh-Healey Public Contractors Act of 1936 all other private organization to provide product they need to pay employee by the prevailing rate
A Compa-Ratio
A compensation ratio greater than 1 suggests that the organization is paying more than planned for human resources and may have difficulty keeping costs under control. Less than 1 suggest that the organization is underpaying for human resources relative to its target and may have difficulty attracting and keeping qualified employees
Pay Policy Line
A graphed line showing the mathematical relationship between job evaluation points and pay rates
Benchmarking
A procedure in which an organization compares its own practices against those of successful competitors
Pay Differential
Adjustment to pay rate to reflect differences in working conditions or labor market
Fair Labor Standards Act
Federal law that establishes a minimum wage and requirements for overtime and child labor. Minimum pay back then was c27 cents noe its $7.25 Cali minimum pay is $20 because it is a higher standard
Labor Market
Geographic area similar pay. Recruiting from a certain area
Nonexempt Employees
Hourly paid usually employees covered by the FLSA requirements for overtime pay time and half
Performance Evaluation
Looking at the person at the job and seeing how well they are performing and based on that we decide the pay
Social Security Act
Paying about 7% of your gross pay and your employer is paying the same. The tax stops when you make $150,000 in gross pay for the rest of the year you don't have to pay the tax amount. Social Security Retirement age 70
Piecework Rate
Rate of pay per unit produced
Delayering
Reducing the number of levels in the organization's job structure
Exempt Employees
Salary paid usually managers outside salespeople and any other employees not covered by the FLSA requirement for overtime pay
Product Market
Same market like gas, groceries. How much are they paying their workers
Pay Structure
The pay resulting from job structure and pay level decisions
Job Structure
The relative pay for different jobs within the organization
USERRA
Uniformed Service Employment and Reemployment Rights Act
Job Evaluation
Value of the job not person. How much is this job valuable and requires a lot of effect based on that we decide how much we pay