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