| Term | Definition |
|---|
| intrinsic | rewards from job itself |
| extrinsic | reward from employer (money, job, promotion, benefits) |
| financial | wages, profit sharing, paid vacation |
| non-financial | perks, status |
| performance-based | bonus, commission |
| member-based | COLA, benefits get by just being employed there |
| compensation administration | dispensing awards: want cost-effective pay structure that attracts motivates and retains, and want employees to think it's fair |
| 9 criteria for compensation | int vs ex equity, fixed vs variable pay, performance vs membership, job vs individual pay, egalitarian vs elitism, below or above market comp, monetary or non monetary awards, open vs secret pay, central vs decentralization |
| fair labor standards act '38 | min wage, overtime pay and max hr reqs; nonexempt paid time and 1/2 for >40 |
| walsh-healy act | emp of govt contracts >$10,000; overtime >8/day or 40/wk; min wage =prevailing wage in that area, stds fro child labor and job sanitation/safety |
| equal pay act | equal pay for equal work; comparable worth |
| 4 exceptions to equal pay act | seniority, better job performance, higher productivity quanity or quality, other factors like paying more for shift work |
| developing internal equity | job evaluation and established pay structure |
| 4 approaches to job evaluation | ranking method, classification, factor comparision, point method |
| ranking | most-->least important |
| classification | slotted into predefined grades; find a common denominator (scale) |
| factor comparison | list of 5 comparable factors, evaluated by what degree of factors present (lot or little) |
| point method | extension of factor method, points assigned to degrees (scale) |
Combine with other sets
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