BUSI 440_Test 3

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Flexible Benefit Plan (Cafeteria plan)

employees are allotted a fixed amount of money and permitted to spend that amount in the purchase benefit options

Employee Stock Ownership Plan (ESOP)

A company makes a tax deductible contribution of stock shares or cash to a trust

Coinsurance

A proportion of insurance premiums are paid by the employee

Balance Scorecard

Acknowledges that bottom line success doesn't just happen.

Halo Error

An appraiser giving favorable ratings to all job duties based on impressive performance in jut one job function.

Deductible

An employee claim for insurance coverage is preceded by the requirement that the first $$ be paid by the claimant.

Defined Benefits Plan

An employer agrees to provide a specific level of retirement pension which is expressed either a fixed dollar or percentage-of-earnings amount that may vary

Employee Benefits

Are that part of the total compensation package, other than pay for time worked, provided to employees in while or in part by employer payments

Central Tendency Error

Avoiding extremes in ratings across employees

Profit Sharing Plan

Can be considered a defined contribution pension plan if the distribution of profit is delayed until retirement

Leniency Error

Consistently rating someone higher than is deserved

Spillover Error

Continuing to downgrading an employee for performance errors in prior rating periods

Administrative Cost Containment

Controlling cots through policies such as seeking competitive bids for program delivery

Benefit Cutbaks

Corresponding to wage concessions, some employers are negotiating with employees to eliminate employer contribution or reduce them to selected options

Fair Labor Standards Act 1938

Created time and a half overtime pay. Benefits linked to pay increase correspondently with those overtime hours.

Cash Balance Plan

Defined plans that look like a defined contribution plan

Fist Impression Error

Developing a negative or positive opinion of an employee early in the review period and allowing that to negatively or positively influence all later perceptions of performance

Straight Ranking

Employees are ranked relative to each other

Benefit Ceiling

Employers establish a maximum payout for specific claims exp: limit hospital stay to $150,000

Defined Benefit Plans

Employers establish the limits of their responsibilities for employee benefits in terms of specific benefits and options included.

Spillover Effect

Employers seek to avoid unionization by offering workers the wages benefits, and working conditions won in rival unionized firms

Consolidated Omnibus Budget Reconciliation Act (COBRA)

Enacted this law to provide current and former employees and their spouses and dependents with a temporary extension of group health insurance when coverage is lost due to qualifying events

Family and Medical Leave Act

Entitles all eligible employees to receive unpaid leave up to 12 weeks per year for specified family and medical reasons

Probationary Periods

Excluding new employees from benefit coverage until some term of employment is complete

Performance Dimension Training

Exposes supervisors to the performance dimensions to be used in rating

Clone error

Giving better ratings to individuals who are like the rater in behavior and/or personality.

Performance Standard Training

Provides raters with a standard of comparison or frame of reference for making appraisals

Dual Coverage

In families where both spouses work there is frequently coverage of specific claims form each employer's benefit package

Management By Objectives (MBO)

Is both a planning and an appraisal tool that has many different variations across firms

Benefit Limitations

It is not uncommon to limit disability income payments to some maximum percentage of income and to limit medical/dental coverage for specific procedures to a certain fixed amount

Health Insurance Portability and Accountability Act (HIPAA)

Lesson an employer's ability to deny coverage for a preexisting condition and prohibit discrimination on the basis of health-related status

Deferred Wage Increase

Negotiated at the time of initial contract negotiations with the timing and amount specified in the contract.

Alternation Ranking

Recognizes that raters are better at ranking people at extreme ends of the distribution

Vesting

Refers to the length of time an employee must work for an employer before he or she is entitled to employer payments made into the pension plan

Rankning Format

Requires that the rater compares employees against each other to determine the relative ordering of the group on some performance measure

Copay

Requiring that employees pay a fixed or percentage amount for coverage

Paired Comparison Ranking

Simplifies the ranking process by forcing raters to make ranking judgement about discrete pairs of people

Reopener Clause

Specifies that wages, and sometime such nonwage items as pension and benefits, will be renegotiated at a specific time or under certain conditions

Defined Contribution Plan

The employer makes provision for contributions to an account set up for each participating employee.

Rater Error Training

The goal is to reduce psychometric errors by familiarizing raters with their existance

Horn Error

The opposite of halo error. Downgrading an employee early in he review period and allowing that to negatively of positively influence all later perceptions of performance

Recency Error

The opposite of the first impression error. Allowing performance, either good or bad, at the end of the review period to play too large a role in determining an employee's rating for the entire period

Severity Error

The opposite of the leniency error. Rating individuals consistently lower than is deserved

Performance Ratings

The things we enter into an employee's permanent records

360 Degree Feedback

This system us used in conjunction with supervisory reviews. The method accesses employee performance fro five points of view: supervisor, peer, self, customer, and subordinate

Two-Tier Pay Plans

Wage structure that pay based upon hiring date

Standard Rating Scale

When adjectives are used to anchors the format is called


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