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A payment that is a percentage of sales revenue
Commission
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A concept that seeks equal compensation for jobs requiring about the same level of education, training, and skills
Comparable worth
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The payment employees receive in return for their labor
Compensation
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The policies and strategies that determine employee compensation
Compensation system
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Differences among people in a workforce owing to race, ethnicity, and gender
Cultural (workplace) diversity
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A reward in addition to regular compensation that is provided indirectly to employees
Employee benefit
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The process of teaching operations and technical employees how to do their present jobs more effectively and efficiently
Employee training
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The attempt to attract job applicants from outside an organization
External recruiting
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Compensation plan whereby an employee receives a predetermined amount of benefit dollars to spend on a package of benefits he or she has selected to meet individual needs
Flexible benefit plan
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A specific amount of money paid for each hour of work
Hourly wage
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All the activities involved in acquiring, maintaining, and developing an organization’s human resources
Human resources management (HRM)
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The development of strategies to meet a firm’s future human resources needs
Human resources planning
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A payment in addition to wages, salary, or commissions
Incentive payment
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Considering present employees as applicants for available positions
Internal recruiting
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A systematic procedure for studying jobs to determine their various elements and requirements
Job analysis
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A list of the elements that make up a particular job
Job description
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The process of determining the relative worth of the various jobs within a firm
Job evaluation
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A list of the qualifications required to perform a particular job
Job specification
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An entire pay raise taken in one lump sum
Lump-sum salary increase
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The process of preparing managers and other professionals to assume increased responsibility in both present and future positions
Management development
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The process of acquainting new employees with an organization
Orientation
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The evaluation of employees’ current and potential levels of performance to allow managers to make objective human resources decisions
Performance appraisal
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The distribution of a percentage of a firm’s profit among its employees
Profit sharing
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The process of attracting qualified job applicants
Recruiting
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A list of key personnel and their possible replacements within a firm
Replacement chart
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A specific amount of money paid for an employee’s work during a set calendar period, regardless of the actual number of hours worked
Salary
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The process of gathering information about applicants for a position and then using that information to choose the most appropriate applicant
Selection
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A computerized data bank containing information on the skills and experience of all present employees
Skills inventory
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A collection of data on prevailing wage rates within an industry or a geographic area
Wage survey
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