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61 Cards in this Set
- Front
- Back
compensation survey
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the systematic process of collecting and making judgements about the compensation paid by other employers p. 161
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market pricing
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establishing pay structure by relying almost exclusively on external market pay rates p. 162
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survey levelling
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multiplying survey data by a numerical factor to adjust for differences between the company job and the survey job p.172
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outlier
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a data point that falls outside the majority of the data points p.173
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aging/trending survey data
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adjusting survey data to represent pay at the current or future date when the pay decisions will be implemented p. 174
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market pay line
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a graph that links a company's benchmark jobs on the horizontal axis (internal structure) with market rates paid by competitors (market survey) on the vertical axis p. 175
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pay policy line
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pay line representing an adjustment to the market pay line to reflect the company's external competitive position in the market (i.e. lead, match or lag) p. 177
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pay grade
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grouping of jobs considered substantially equal for pay purposes
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pay range
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the range between the upper and lower limits on pay for all jobs in a particular pay grade
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range spread
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the size of a pay range based in a judgement about how the ranges support career paths, promotions, and other organization systems
p.180 |
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broadbanding
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a large band of jobs containing several pay grades
p.181 |
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reference rates
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pay rates from market data used in pricing broad bands p. 182
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employee benefits
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part of the total compensation package, other than pay for time worked, provided to employees in whole or in part by employer payments, such as life insurance, pension plan, workers' compensation, vacation and so on. p. 190
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vesting
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waiting period for entitlement to the employer-paid portion of pension benefits p. 195
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coinsurance
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percentage of insurance premiums paid for by the employer p.197
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deductible
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specified dollar amount of claims paid by the employee each year before insurance benefits begin p. 197
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coordination of benefits
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reduction of benefits by any amount paid under a spouse's plan p.197
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workers' compensation
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a mandatory, government sponsored, employee paid, no fault insurance plan that provides compensation for injuries and diseases that arise out of, and while in the course of, employment. p.199
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Canada/Quebec Pension Plan (C/QPP)
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a mandatory, government sponsored pension plan for all employed Canadians, funded equally by employers and employees p. 199
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Employment Insurance (EI)
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a mandatory, government sponsored plan for all employed Canadians that provides workers with temporary income replacement as a result of employment interruptions due to circumstances beyond their control; funded by employer and employee contributions p. 200
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pension plan
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plan that provides income to an employee at retirement as compensation for work performed now
p.200 |
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defined benefit plan
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pension plan in which an employer agrees to provide a specific level of retirement pension, the exact cost of which is unknown p. 200
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defined contribution plan
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pension plan in which an employer agrees to provide specific contributions but the final benefit is unknown p. 202
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Short term disability plans/ salary continuation plans
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employer-sponsored plans that provide a continuation of all or part of an employee's earnings when the employee is absent from work due to an illness or inquiry that is not work-related
p. 205 |
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Sick leave plans
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employer-sponsored plans that grant a specified number of paid sick days per month or per year
p. 205 |
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long term disability plans
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employer-sponsored plans that provide income protection due to long term illness or injury that is not work related
p.205 |
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employee assistance plan (EAP)
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employer-sponsored program that provides employees with confidential counselling and/or treatment programs for personal problems including addiction, stress, and mental health issues
p. 206 |
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flexible benefit plans
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benefit plans in which the employee is provided with a specified amount of money and then chooses which benefits to spend the money on, according to their attractiveness and cost
p. 208 |
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pay for performance plan
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a pay plan that links individual pay to some measure of performance on the job
p. 217 |
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motivation
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a process involving the determination of what is important to a person, and offering it in exchange for desired behaviour
p. 220 |
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expectancy theory
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motivation theory stating that people cognitively evaluate potential behaviours in relation to rewards offered in exchange
p. 220 |
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equity theory
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motivation theory stating that people are concerned about fairness of the reward outcomes exchanged for employee inputs
p. 220 |
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agency theory
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motivation theory stating that employees and management/owners both will act opportunistically to obtain the most favourable exchange possible
p. 222 |
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total reward system
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all financial and non financial rewards provided by organizations to their employees
p. 223 |
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performance appraisal
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process of evaluating or appraising an employee's performance on the job
p. 228 |
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evaluation format
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the method used to evaluate an employee's performance either ranking against other employees or rating on one or more performance criteria
p. 229 |
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alternation ranking
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ranking the best employee, then the worst employee then the next best and next worst and so on
p. 230 |
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paired comparison performance ranking
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ranking each employee against all other employees one pair at a time
p. 230 |
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behaviourally anchored rating scale (BARS)
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performance rating scales using behavioural descriptions as anchors for different levels of performance on the scale
p. 230 |
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management by objectives (MBO)
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performance rating method based on meeting objectives set at the beginning of the performance review period
p. 231 |
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360 degree feedback
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performance appraisal method that includes feedback from up to five sources: supervisors, peers, self, customers, and subordinates
p. 234 |
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merit pay
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increase in base pay related to past performance
p. 249 |
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group incentive plans
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incentive pay for meeting or exceeding team performance standards
p. 255 |
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gain sharing plan
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group incentive plan in which employees share in cost savings
p. 258 |
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profit sharing plans
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variable pay plans requiring a profit target to be met before any payouts occur
p. 261 |
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earnings at risk plan
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an incentive plan that includes reductions in base pay in unsuccessful years
p. 261 |
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stock options
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the right to purchase stock at a specified (exercise) price for a fixed time period
p. 265 |
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broad based option plans (BBOPs)
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stock options provided to employees at all levels
p. 265 |
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Employee stock ownership plan (ESOP)
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plan offering employees the opportunity to purchase company stock, often partially or fully matched by employer paid stock for the employee
p. 265 |
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dual career track
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career progression on either a managerial path of a professional path
p. 272 |
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gender wage gap
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the amount by which the average pay for female workers is less than the average pay for male workers
p. 286 |
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occupational segregation
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the historical segregation of women into a small number of occupations such as clerical, sales, nursing and teaching
p. 287 |
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pay equity legislation
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legislation intended to redress the unexplained portion of the gender wage gap by requiring employers to proactively pursue equal pay for work of equal value between female dominated and male dominated jobs
p. 289 |
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job to job method
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method of comparing pay for male and female dominated job classes in which each female job class is compared to a male job class of equal or comparable value
p. 291 |
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proportional value/wage line method
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method of comparing pay for male and female dominated job classes when female job classes have no appropriate male comparators under the job to job system, in which the wage line for male job classes is applied when setting pay for female job classes
p. 291 |
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proxy comparison method
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method of comparing pay for make and female dominated job classes when pay equity cannot be achieved through job to job or proportional value methods, in which female job classes are compared to similar female job classes that have achieved pay equity with another employer
p. 291 |
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spillover effect
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employers' seeking to avoid unionization offer workers the wages, benefits, and working conditions won in rival unionized firms
p. 294 |
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turnover effect
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decreased budget required as lower paid workers replace employees who leave, calculated as annual turnover rate times planned average increase
p. 305 |
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red circle rates
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pay rates above the range maximum
p. 309 |
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green circle rates
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pay rates below the range minimum
p. 310 |
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compa-ratio
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ratio of average rates actually paid to range midpoint
compa ratio= average rated actually paid/range midpoint p. 310 |