Chapter 6

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

Point-factor system:

Determines the value of a job by calculating the total points assigned to it

Job classification system:

every job is classified and grouped based on the knowledge and skills required for the job, years of experience, and amount of authority for that job - ex - US military

Fair Labor Standards Act (FLSA):

- was established in 1938 and set a minimum wage for jobs, overtime laws, and child labor laws - divides workers into exempt and nonexempt status

Core values:

are usually summarized in the mission state or in the statement of core values

Compensation package:

can include pay, healthcare benefits, and other benefits such as 401(k) plans

Job evaluation:

defined as the process of determining the relative worth of jobs to determine pay structure

Paired comparison:

individual jobs are compared with every other job, based on a ranking system, and an overall score is given for each job, determining the highest-valued job to the lowest-valued job

Expectancy theory:

is another key theory in relation to pay - says that employees will put in as much work as they expect to receive

Equity theory:

is concerned with the relational satisfaction employees get from pay and inputs they provide to the organization

Market compensation policy:

is to pay the going rate for a particular job, within a particular market based on research and salary studies

Nonexempt employee:

is usually an hourly employee - OT allowed

Exempt employee:

is usually paid a salary and includes executive, professional, outside sales, and administrative positions

Equal Pay Act of 1963:

makes it illegal to pay different wages to men and women if they perform equal work in the same workplace

Market compensation philosophy:

pays higher than the average

Market minus philosophy:

pays less than the market rate - ex - organization may decide to pay lower salaries but offer more benefits

Reinforcement theory:

says that if high performance is followed by some reward, that desired behavior will likely occur in the future

Comparable worth:

states that people should be given similar pay if they are performing the same type of job

Lilly Ledbetter Fair Pay Act of 2009:

the first law signed by President Obama amends the Civil Rights Act stating that the 180-day statute of limitations for filing an equal pay lawsuit regarding pay discrimination resets with each discriminatory paycheck

Compensation factors:

the points given to a specific job

What happens when employees receive raises?

their raises stay within the range of their individual pay grade, until they receive a promotion that may result in a higher pay grade

Pay grading:

this is the process of setting the pay scale for specific jobs or types of jobs


संबंधित स्टडी सेट्स

Care of Patients with Endocrine Disorders Chapter 37

View Set

MODULE 10: Ch. 42 (Fluid & Electrolytes) - FLUID BALANCE

View Set

Research Methods Psychology Exam 1

View Set

Achieve3000: Lesson - Changing Mines

View Set

US Ch. 4: Civil Liberties: Protecting Individual Rights

View Set

Computer Science Algorithm Analysis

View Set

29 Quiz 11 - The Nursing Process - Documenting & Recording

View Set