HR Games UW - Compensation & Benefits

34 terms by imfeelinthis 

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Nonexempt employee

Employee who receives overtime pay

External equity

Payment of employees at rates comparable to those paid for similar jobs in other firms

Legally required benefits

Social security, workers' compensation, unemployment compensation, Family and Medical Leave

Job Analysis

Systematic process of determining the skills, duties, and knowledge required for performing jobs in an organization

Cost-of-living-allowance

An escalator that adjusts wages per a cost-of-living index such as the consumer price index (CPI)

Compensable factor

Identifies a job value commonly present throughout a group of jobs

Compensation survey

Strives to obtain data regarding what other firms are paying for a specific job or job classes within a given labor market

Gainsharing

The sharing with employees of greater-than-expected gains in profits and/or productivity

Non-contributory plan

Pension plan in which all the funds for pension benefits are provided by the employer

Utilization review

An audit and review of the services and costs billed by health-care providers

Benefit

Indirect compensation given to an employee or group of employees as a part of organizational membership

Government mandated

Workers' compensation, unemployment compensation, Social Security

Defined benefit plan

Employee is promised a pension amount based on age and service

Define contribution plan

Contributions to a pension plan are deposited in an employee's pension account

Vesting

The right of the employees to receive benefits from a pension plan

Co-payment

Employee's payment of a portion of the cost of both insurance premiums and medical care

Managed care

Approaches that monitor and reduce medical costs using restrictions and market system alternatives

Time-Off Benefits

Holiday pay, vacation pay, sick leave, bereavement

Garnishment

A court action in which a portion of an employee's wage is set aside to pay a debt owed a creditor

Job evaluation

The systematic determination of the relative worth of jobs within an organization

Variable Pay

Compensation linked to individual, team, and organizational performance

Individual Incentive Pay

Piece-rate, sales commissions, safety awards, attendance awards

Profits sharing

A system to distribute a portion of the profits of the organization to employees

Golden Parachute

A severance benefit that provides protection and security to executives in the event that they lose their jobs or their firms are acquired by other firms

Unemployment Compensation

Employers finance this benefit by paying a tax on the first $7,000 of wages to provide employees with up to 26 weeks of pay

Severance Pay

A security benefit voluntarily offered by employers to employees who lose their jobs

Portability

A pension plan feature that allows employees to move their pension benefits from one employer to another

Time Off Benefits

Holiday Pay, Vacation Pay, Leaves of Absences, Bereavement Pay

Utilization review

An audit and review of the services and costs billed by health-care providers

Exempt employee

Employee does not receive overtime pay

Internal equity

Concerned with the relative worth of jobs within the company

Managed care systems

HMO's, PPO's

Compensation survey

Strives to obtain data regarding what other firms are paying for a specific job or job classes within a given labor market

Executive compensation

Typically includes base salary of $1 million plus stock options

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