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Benefits
generally refer to various rewards, incentives, and other things of value that an organization provides to its employees beyond their wages, salaries, and other forms of direct financial compensation.
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Cafeteria–style benefits plans
allow employees to choose those benefits they really want.
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classification system
for job evaluation attempts to group sets of jobs together into clusters, which are often called grades.
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Compensation
- is the set of rewards that organizations provide to individuals in return for their willingness to perform various jobs and tasks within the
- organization.
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Defined benefit plans
are private pension plans in which the size of the benefit is precisely known and is usually based on a simple formula using input such as years of service.
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Defined contribution plans
are private pension plans in which the size of the benefit depends on how much money is contributed to the plan.
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External equity
in compensation refers to comparisons made by employees to others employed by different organizations performing similar jobs.
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factor–comparison method
for job evaluation assesses jobs, on a factor–by–factor basis, using a factor–comparison scale as a benchmark.
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Internal equity
in compensation refers to comparisons made by employees to other employees within the same organization.
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Job evaluation
is a method for determining the relative value or worth of a job to the organization so that individuals who perform that job can be compensated adequately and appropriately.
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maturity curve
is a schedule specifying the amount of annual increase a person will receive.
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Pay compression
occurs when individuals with substantially different levels of experience, or performance abilities, or both are paid wages or salaries that are relatively equal.
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Pay for knowledge
involves compensating employees for learning specific information.
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pay inversion
the external market changes so rapidly that new employees are actually paid more than experienced employees.
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Pay secrecy
refers to the extent to which the compensation of any individual in an organization is secret or the extent to which information on compensation is formally made available to other individuals.
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Pay surveys
are surveys of compensation paid to employees by other employers in a particular geographic area, industry, or occupational group.
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point manual
used to implement the point system of job evaluation, carefully and specifically defines the degrees of points from first to fifth
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point system
for job evaluation requires managers to quantify, in objective terms, the value of the various elements of specific jobs.
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Private pension plans
are prearranged plans administered by the organization that provides income to employees at their retirement.
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Salary
is income paid to an individual on the basis of performance, not on the basis of time.
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Skill–based pay
rewards employees for acquiring new skills.
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Social security
(officially the Old Age Survivors and Disability Insurance Program), another mandated program, was originally designed to provide limited income to retired individuals to supplement their personal savings, private pensions, part–time work, and so forth.
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Unemployment insurance
a mandated protection plan, is intended to provide a basic subsistence payment to employees who are between jobs.
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Vesting rights
are guaranteed rights to receive pension benefits.
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Wage and salary
administration is the ongoing process of managing a wage and salary structure.
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Wages
generally refer to hourly compensation paid to operating employees; the basis for wages is time.
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Wellness programs
are special benefits programs that concentrate on keeping employees from becoming sick rather than simply paying expenses when they do become sick.
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Workers’ compensation
another mandated protection program, is insurance that covers individuals who suffer a job–related illness or accident.
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