| Term | Definition |
|---|
| Tot Compensation | wages + benefits |
| Strategic Compensation Policy | rewards performance, internal equity, external competitiveness, financial & legal compliance |
| Compensation Level Factors | 1)Individual (skills, performance), 2)Organizational (status, nature of job), 3)Market (S & D, cost of living) |
| Extrinsic Compensation | Hygiene Factors (tangible, money, benefits, stock options) |
| Intrinsic Compensation | Motivation Factors (praise, sense of accomplishment, belonging) |
| FFS | Productivity focused, increases cost by overuse |
| PFQ | Quality focused, cost in data collection |
| ERISA | Employment Retirement Income Security Act of 1974 - minimum pension/health plans |
| COBRA | Consolidated Omnibus Budget Reconciliation Act - covers lost health benefits for period of time |
| HIPAA | Health Insurance Portability and Accountability Act - preexisting condition |
| Evaluating Base Value for a Job | 1)Rank, 2)Job Classification, 3)Broadbanding, 4)Point, 5)Factor Comparison |
| Rank | 1)Easy, 2)Subjective |
| Job Classification | 1)Related to salary, 2)Doesnt account for responsibility |
| Broadbanding | Consolidate payment levels 1)easy to evaluate 2)less promotion |
| Point | Points based on compensable factors 1)simple 2)rigid job analysis |
| Factor Comparison | Rank and Point |
| Importance of Benefits | 1)Law 2)Add value to employees 3)Tax free 4)Retention |
| Physician Practice Setting | 1)Sole, 2)Staff, 3)Hospital, 4)Locum tenens, 5)Admin |
Combine with other sets
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