part 4 Flashcards
consists of the relative pay for different jobs within the organization. It establishes relative pay among different functions and different levels of responsibility
job structure
is the average amount (including wages, salaries, and bonuses) the organization pays for a particular job
pay level
legal requirements for pay
equal employment opportunity, minimum wage
Two employees who do the same job cannot be paid different wages because of gender, race, or age
equal employment opportunity
the minimum amount of remuneration that an employer is required to pay wage earners for the work performed during a given period
minimum wage
pay specifically designed to energize, direct, or control employees’ behavior. (____) is influential because the amount paid is linked to certain predefined behaviors or outcomes
incentive pay
kinds of incentive pay
individual, group, organizational, for executives
A wage based on the amount workers produce
piecework rates
An incentive plan that pays workers extra for work done in less than a preset “standard time.”
standard hour plans
A system of linking pay increases to ratings on performance appraisals
merit pay
performance bonuses reward individual performance, but bonuses are not rolled into base pay
individual bonuses
A variation on piece rates and bonuses is the payment of commissions, or pay calculated as a percentage of sales
sales commissions
pay where employees must cooperate and share knowledge so that the entire group can meet its performance targets
pay for group performance
Group incentive program that measures improvements in productivity and effectiveness and distributes a portion of each gain to employees
gainsharing
In contrast to gainsharing plans, which typically reward the performance of all employees at a facility, bonuses for group
group bonuses and team awards
two important ways organizations measure their performance
profits, stock price
payments are a percentage of the organization’s profits and do not become part of the employees’ base salary
profit sharing
While profit-sharing plans are intended to encourage employees to “think like owners,” a (__________) plan actually makes employees part owners of the organization
stock ownership
Because executives have a much stronger influence over the organization’s performance than other employees do, incentive pay for executives warrants special attention
incentive pay for executives
contribute to attracting, retaining, and motivating employees
benefits
(4)
benefits required by law
social security, unemployment insurance, worker’s compensation, health care benefits
Workers who meet eligibility requirements receive the retirement benefits according to their age and earnings history
social security
A mandated program to minimize the hardships of unemployment through payments to unemployed workers, help in finding new jobs, and incentives to stabilize employment
unemployment insurance
It helps workers with the expenses resulting from job-related accidents and illnesses
worker’s compensation
a complex package of changes in how health care is to be paid for, including requirements for insurance companies, incentives and penalties for employers providing health insurance as a benefit, expansion of public funding
health care benefits
(7) selected benefit programs
a) Medical Care
b) Dental Care
c) Short-Term Disability Insurance
d) Long-Term Disability Insurance
e) Retirement Plans
f) Life Insurance
g) Paid Vacations
kinds/type of benefits required by law
public, private
public benefits
gsis, pag-ibig fund, phil-health
private benefits
sss
