Average amount (including wages, salaries, and bonuses) the organization pays for a particular job.
Fair Labor Standards Act (FLSA)
Federal law that establishes a minimum wage and requirements for overtime pay and child labor.
Managers, outside salespeople, and any other employees not covered by the FLSA requirement for overtime pay.
Organizations that offer competing goods and services. Organizations in product market are competing to serve the same customers. Need to sell goods and services at a quantity and price that will bring them a sufficient profit.
Procedure in which an organization compares its own practices against hose of successful competitors.
Administrative procedure for measuring the relative internal worth of the organization's jobs.
Pay Policy Line
Graphed line showing the mathematical relationship between job evaluation points and pay rate.
Sets of jobs having similar worth or content, grouped together to establish rates of pay.
Set of possible pay rates defined by a minimum, maximum, and midpoint of pay for employees holding a particular job or a job within a particular pay grade.
Adjustment to a pay rate to reflect differences in working conditions or labor markets.