May prevent cooperation among groups within the organization. Share research with the employee showing why the company considers the pay to be fair. Compensable factors are the characteristics of a job that a company _____. What helps an organization achieve goals related to employee motivation, cost control and the ability to attract and retain talented workers? Which benefits are provided to almost 90% of full-time employees? up to GS-15); each grade is separated into 10 steps. Incentive pay can be linked to the performance of which of the following? Students Can Get Distracted by Ads on Quizlet After a layoff or other "qualifying event," employers are required to allow employees to extend their health care coverage at group rates for as long as three years. But one convention remains firmly in place in most workplaces: Discussing salary with co-workers is not always the best idea. If a beneficiary earns more than the exempt amount, that person's benefit pay is ______. The organization can provide resources employees need to achieve their goals. A plan that allows employees to choose what they want from a list of available benefits is called a _____ plan. What three elements are associated with a consumer-driven health plan? Under federal law, Katrine knows her employer must pay her at least $7.25 an hour. Employees value benefits because they expect that benefits ______. Why do organizations pay workers a piecework rate? For example, the Bureau of Labor Statistics provides a pay scale for most professions with salary information ranging from the 10th to the 90th percentile in a given profession. A company's product market includes _____. Users pay $1.99 per year to use study materials in the app, ad-free, on or offline. Organizations establish performance management systems to meet strategic, administrative, and [blank] purposes. A drawback of pay rates is that they: result in some jobs being underpaid and others being overpaid. workers may not worry about quality or customer service, The right to buy a certain number of stock shares at a specified price is referred to as [blank]. Using the Better Money Habits video Credit and Debit: Two Very Different Cards (www.bettermoneyhabits.com), this lesson is designed to introduce students to the advantages and disadvantages of using debit cards and credit cards. What type of employee wellness program does Dan's company provide? In one type of gainsharing plan, employees get a bonus if the ratio of labor costs to the sales value of production falls below a specified standard. Employees whose wages are covered by requirements set down by the Fair Labor Standards Act are called ____ employees. It demonstrates that the pay plan is fair, Incentive pay sometimes presents executives with significant ethical issues. What is the difference between performance bonuses and merit pay? In a job where the supervisor does not often observe the employee. To increase the scope of employees knowledge and skills. Under some circumstances, an adult who is not a relative or spouse, is financially interdependent, and lives permanently with another adult can be legally defined as a partner _____. If Kenneth wants to benefit from his company health insurance, he is allowed to visit only doctors who are in the company's network of providers. Which performance method rates behavior by using a scale that shows specific statements of behavior describing different levels of performance? Certain types of work are common in a variety of organizations. Give employees information about the cost and quality of available child care. In an organization where changing technology is critical. must be available for lower-level employees, not only the owners and top managers. It helps the organization become more flexible and innovative. Disadvantages. When calculating overtime pay, employers are required to include time the employee spent doing which of the following? A human resource professional would use a compa-ratio to compare actual pay to the _____. ‎Quizlet is the easiest way to study, practice and master what you’re learning. the ability to affect the way their work was done. This regulated hourly pay is known as the _____. generate a profit by selling their goods and services at a sufficient price and volume. The Scanlon plan pegs rewards to which of the following metrics? Consolidated Omnibus Budget Reconciliation Act (COBRA). Figure 6.4 "Sample Pay Scale for General Federal Jobs" shows an example. The benefits available to domestic partners do not have the same _____ as those received by spouses. Which of the following are benefits of establishing a pay structure? What is the best way for an organization to satisfy an employee that is concerned about the fairness of his or her pay? When would a company want to pay above market average for its employees? These adjustments are called _____. His pay is an example of a ________ commission plan. For which type of job is a gainsharing plan most useful? it requires experienced employees to take on more responsibilities. Under the Patient Protection and Affordable Care Act, organizations that have at least 50 full-time employees (or an equivalent number of full- and part-time employees) must offer health care coverage or pay a penalty. What type of insurance pays a percentage of a disabled employee's salary after an initial period and potentially for the rest of the employee's life? According to researchers, when performance feedback forms require that subordinates identify themselves as part of the evaluation, [blank]. Serena's company decided to reduce the number of levels within the job structure and as a result, she has 20 more people who report to her. In grade-based ranges, you take all the individual ranges and group them into grades which are easier to administer and track. Assessments centers are primarily used to identify whether employees have the personality and skills to [blank]. Netflix or car payment) automatically rather than any variable ones (e.g. Organizations use pay grades to a. group individual jobs having approximately the same job worth. When designing a pay structure, human resources departments consider which of the following? This reduces the number of employees who must be laid off. An incentive plan that pays workers more if they finish their work in less than the normal amount of time is called a(n) _____. Which of the following is a key component of an effective performance appraisal? Which federal law requires employers with 50 or more employees to provide up to 12 weeks of unpaid leave after childbirth or adoption? This range isn't typically used as a formal pay structure in most organizations. Managers and other employees who are not covered by the Fair Labor Standards Act requirement for overtime pay are known as _____ employees. Using pay ranges provides organizations with [blank] in setting pay for individual jobs. In the process of establishing a pay structure, organizations use pay grades to group individual jobs having approximately the same job worth. Perhaps most importantly for Quizlet's bottom line, the company has also created a new premium offering, Quizlet Go. Quizlet Plus adds more features, and it costs $47.88 for a one-year subscription. (Select all that apply.). The program is called _____. The account also earns interest at a predefined rate. Which federal agency requires companies to reveal how much their executives are paid and how well the company has performed in comparison to its business rivals? The way employees feel about their level of pay is most often based on which of the following? A _____ care program attempts to reduce the number of unnecessary medical procedures by involving the insurer in decisions about health care. How does a business calculate the least it must pay an employee for a specific job? Merit pay would inspire potential teachers to give the profession more consideration as a viable career choice, rather than a personal sacrifice for the higher good. When employed citizens are called for military duty, who pays their wages? What establishes the minimum an organization must pay to hire an employee for a particular job? When a company undergoes the process of selecting employee benefits, it should _____. Jeremy's company gave everyone a paid holiday on the Friday before Labor Day so they could have a long weekend. Nikki was told that the average pay for an entry-level emergency room nurse at her local hospital, including salary and a bonus, would be $55,000 per year. This demonstrates the idea of a _____ piece rate. Under equal employment opportunity laws, differences in pay may be tied to _____. The amount of money a retiree will receive from a defined-contribution plan depends on the _____. Pay Bands are a type of pay scale designed to provide more flexibility regarding how much employees are paid. Very supportive of internal equity (jobs in same grade are paid similar rates) Employees tend to hit max before being promoted, can restrict paying market rates for specialized positions. If the money in a flexible spending account is not spent within the year, the money goes to the _____. In contrast to gainsharing plans, group bonuses tend to be for [blank]. She is comparing her findings with the current rates of pay for employees at her company. She earns $2 for each item she completes. This is an example of a(n) ______. While there are no set rules to be used in establishing pay grades, some overall suggestions have been made. This shows how the relative pay varies for different jobs at the company and is an example of job _____. makes employees aware of their strengths and weaknesses. What business principle explains why employees might resent a CEO who is paid 100 times more than the average worker in that industry? According to equity theory, people decide whether their pay is fair by comparing it to their _____. What are the advantages of a skill-based pay system? Vesting rights are based on an employee's _____. A defined-benefit retirement plan guarantees _____. (Select all that apply.). Her pay is an example of ____. In 2018 the penalty amounted to ______. Employees are not taxed on most benefits but are on cash compensation. To calculate the worth of jobs within an organization, a committee typically conducts a _____. The legislation that mandates this coverage is the _____. This type of coverage is known as a _____. Which of the following is the most flexible approach to paid time off? The ratio of CEO pay to that of the a typical worker. The lowest hourly amount that employers may pay under federal or state law is called the [blank], According to equity theory, people measure outcomes such as pay in terms of their [blank], To remedy employers placing a lower value on occupations traditionally dominated by women, some policy makers have proposed a remedy called equal pay for [blank], Sets of jobs having similar worth or content, grouped together to establish rates of pay are called [blank]. Most employee development occurs through... What is the downside of a formal mentoring program? Highly desirable employees will be more apt to work for a company that offers valuable benefits that are easy to understand. An off-site location at which multiple raters evaluate employees' performance on a number of group experiences is called an... performance evaluations done by an employee's supervisor, peers, employees, and cutsomers, Approaches to employee development typically fall into [blank] broad categories, a career that changes frequently based on changes in a person's interest, abilities and work enviornment, In the decision making component of the Myers-Briggs Type indicator, individuals with a thinking performance, try to be objective when making decisions, A brand of assessment tool that identifies an individual's behavioral patterns in terms of dominance, influence, steadiness and conscientiousness is called the [blank]. Job performance is decide… In today's rapidly changing business environment, employees expect organizations to [blank]. Under federal law, employers are permitted to pay a training wage to workers under the age of 20 for a period of up to _____ days. Incentives linked to stock performance can lead to which of the following ethical issues? So even though the fee-for-service model is vulnerable to overutilization, and fragmentation, many believe that it will always have its place in modern healthcare. As a way to curtail the costs of unemployment insurance, some states let companies reduce wages and hours, and employees are paid partial unemployment benefits. Determining Salary Range by Profession In a previous blog post we talked about the first few steps of establishing a formal compensation plan. True or false: Defined-contribution plans are more risky for the employer. Her company implemented _____. Under the Uniformed Services Employment and Reemployment Rights Act, an employer must _____, for up to five years. Some managers dislike merit pay because they believe it discourages _____. There is however a number of drawbacks that need to be taken into account if you want to implement broad banding. The goal of Pay Banding is to give supervisors the ability to reward performance more. It's common, for example, to call your boss by her first name, dress in business casual all the time and work a flexible schedule that could include some hours spent at home. When attracting highly skilled employees would provide a competitive advantage. employees must gain a clear understanding of the differences between current and expected performance. Incentive pay is calculated as a percentage of sales is called... What is the downside to using a standard hour plan as incentive for production workers? (Select all that apply.). Though Quizlet is designed to help students learn information, there are three specific drawbacks that can impact your student’s learning: Students can get distracted by ads; Students could learn incorrect information; Students may use Quizlet to cheat; 1. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 requires companies to report which aspect of the pay structure? What type of health care does this demonstrate? they tend to give managers higher ratings, must be given visible support by the CEO and senior managers, Using managers to evaluate employee performance is an advantage because [blank], their own success depends on their employees' performance. offer a job to their former employees who have returned from military duty. Create your own flashcards or choose from millions created by other students. Jerry lives in Chicago and pays much more for his mortgage and groceries than his brother, Trevor, who lives in Mississippi. Carlo is using a _____ savings plan. Jobs that have similar value or content, grouped together to calculate rates of pay, are called _____. What are the disadvantages of merit pay? Employee participation in pay-related decisions can contribute to the success of an incentive pay plan under what conditions? This bonus is an example of _____. Because the salary ranges are so wide, expectations from … As per the concept of the time value of money, the money received sooner is worth more than the one coming later because of its potential to earn an additional … In which of the following occupations would a straight commission plan NOT likely be used? The amount of unemployment tax paid by each employer is calculated according to the employer's _____. Since there are advantages and disadvantages for all types of incentive pay, organizations offset the disadvantages by ______. Choose all that apply. The Fair Labor Standards Act classifies some employees, such as certain professionals and executives, as exempt, meaning they are not covered by laws governing overtime pay. A pay policy line reflects the pay level in the _____. Physicians work on salary instead of being paid a fee for each service. These job characteristics are called _____. At her last performance review, Marlo received a 4% pay increase because she had met all of the goals her manager had set for her the previous year. Thus, his remunera­tion depends upon the number of hours for which he is employed and not upon the amount of his production. That is why it is essential to personalize this process to each person or group so that they can receive rewards that are reflective of the work that they are doing. Which statements about paid time off in the United States are true? Joseph is an electrical assistant and receives an hourly wage. (Select all that apply.). State programs that provide benefits to workers who suffer work-related injuries or sickness are called _____ laws. Performance bonuses are not built into base pay. The most basic pay structure used to determine pay within an organization is the pay scale or salary range. When an organization has a pay structure, it is easier to decide how much to pay each employee, because _____. Incentive pay is typically based on _____. Workers expect their profit-sharing check to be about the same as what competing companies are offering. It has the added benefit of making talking about pay ranges easier too. Which act requires that employers treat pregnancy as it would any other disability? The government raises Social Security payments each year to adjust for inflation in the _____. ESTABLISHING PAY GRADES. (Select all that apply.). The Davis-Bacon Act applies to pay policies of _____ that receive more than $2,000 in federal money. This is among the major disadvantages of the payback period that it ignores the time value of money which is a very important business concept. Why should employers tell their workers the details about what is included in their benefits packages? What is the major downside of using the ranking method as part of a performance appraisal method? Minimum, maximum, and midpoint rates of pay for employees who work within a each pay grade constitute a _____. This is a big reason why I use my credit card account to pay my bills. He is not sure if he will get a bonus this year as the company is not doing as well financially. Many employees who are entitled to paid time off will NOT take all of it. Caroline works in a candy production plant. The Davis-Bacon Act applies to pay policies of [blank] that receive more than 2,000 in federal money, To remedy employees placing a lower value on occupations traditionally dominated by women, some policy ,makers have proposed a remedy called equal pay for [blank], To succeed in their product markets, organizations must be able to [blank], sell their goods and services at a sufficient profit. In one study, employees said that in addition to being paid more money, the most important factor that prompted them to participate in the company's incentive plan was ______. _____ are sets of jobs having similar worth or … The highest level of child care benefits from an employer occur when the employer provides _____. In today's office culture, many traditional rules no longer apply. Students can also use the Match option to practice matching the vocabulary word with the correct definition. Her pay increase is an example of _____ pay. Pay grades allow precise matching of pay for individual jobs to market rates and an organization's job structure. a vote of approval or disapproval on the companies' executive pay plans. Bc customers may be the only ones to directly observe a worker's performance. (Select all that apply.). Disadvantages of Payback Period Ignores Time Value of Money. The amount of money it takes to run an average household (for example, house payments, food, health care, and utilities) is called the ______. They provide a range in which the company can determine pay. Which of the following traits is not part of the assessment process for employee development? A compa-ratio _____ "1" indicates that payroll is probably more expensive than the organization expected, and the cost might be hard to control. Under federal legislation, children ages 14 and 15 may work _____. When is it most important to communicate with employees about a pay plan? this ranking system is not linked to the organization's goals In response to companies that pay less for work traditionally done by women, it has been proposed that businesses could adopt a policy called equal pay for _____. After his son was born, John took three weeks of unpaid leave from his company. Identifying the advantages and disadvantages of ETFs can help investors navigate the risks and rewards, and decide whether these securities, now a quarter-century old, make sense for their portfolios. Which of the following are examples of short-term incentives used for executives? One negative aspect of an ESOP is that it carries significant risk for _____. Adjustments made to a pay rate to reflect differences in working conditions or labor markets are called... Establishing a pay structure simplifies the process of making decisions about individual employees' pay by... grouping together employees with similar jobs. Instead, it is a general range of salaries that those working in a particular field can expect to make. He is eligible for overtime pay which makes him a(n) _____ employee. In addition to basing salary on education, experience and position, Pay Bands base salary on job performance. Kelly is in the process of _____. Typically, each salary band will have many consolidated, smaller grades within it, usually with a range spread of 80% to 200% of the median. The relative pay for various positions within a company is called _____. True or false: Competition for labor is a key element in determining the appropriate pay level to hire an employee. managers work with employees to set goals, goals are difficult to achieve, managers provide feedback through the rating period to monitor progress toward goals, goals are specific in nature. Under the provisions of the Fair Labor Standards Act, exempt employees ______. Incentive plans often work best when ______. Before a hospital admission, she has to contact the insurer. Which type of plan consists of individual accounts where all contributions come from the employer? Carol's company gives the insurer a role in health care. After retiring, workers are paid Social Security benefits according to their age and _____. What are the four conditions workers must meet to be paid unemployment benefits? Scandal that damages the company's reputation. As a result, survey data is available to reveal what people earn at those jobs. What is a major drawback to cafeteria-style benefit plans? An incentive system that gives a raise to employees who rank high on performance appraisals is called _____ pay. A summary plan description must be provided to an employee within _____ days. Pay grades create less stability for the pay system C. There may be pressure to reclassify borderline jobs to promote people To get more money. To be classified as a qualified plan for tax purposes, a pension plan _____. employees are involved in crafting the plan itself. Not until you reach the higher GS grades are the grades given competitively. Social Security benefits may be reduced if a worker is earning wages above a maximum dollar figure known as the _____. The combo of formal education, job experiences, and assessment of personality and abilities to help employees prepare for their future careers is called. The relative pay for different jobs within an organization is called, A form of pay linked to an employee's performance as an individual, group member or organizational member is referred to as [blank]. True or false: Spousal benefits only apply to a spouse of the opposite sex. Workers whose contributions are _____ have satisfied the requirements to be paid a pension when they retire, even if they did not remain with the employer until that time. rival companies that provide similar products and services. Which of the following is not a legal requirement to be considered when developing a pay structure? The opportunity to purchase a specific number of stock shares at a predetermined price is referred to as _____ _____. What is the difference between performance bonuses and merit pay? Samira makes necklaces. His bonus is an example of _____ incentive pay. Get all of Hollywood.com's best Movies lists, news, and more. It encourages individual achievement instead of teamwork. Traditional Graded Pay Structures – Range spreads 20–50% – Smaller midpoint progressions (5–10%) – Many pay grades. Organizations establish pay ranges to allow _____ as they decide what to pay for individual jobs. This lesson will help students understand the similarities and the differences between the two cards. What steps would help an organization choose which benefits to offer employees? Which of the following comprise most of the compensation for CEOs? Janine works as a seamstress at a tailor shop and sews buttons on clothing. Compared to gainsharing plans, group bonuses are typically designed for _____. This type of additional paid holiday is called a _____ holiday. You (or your students) can create digital flash cards by putting the vocabulary word on one side and the definition on the other. A system of linking pay increases to ratings on performance appraisals is called... What is the best way for an organization to manage the disadvantages of one type of incentive pay with the advantages of another type? Pay rates for individual work do not match pay levels specified by the market. involving patients in health care decisions. What is the developmental purpose of a performance management process? When the company generates little or no profit, there is no need to spend much on this type of incentive. The amount paid for each week, month, or year worked is called _____. $2,320 annually for every full-time employee after the first 30. Her buyer pays her $50 per necklace. What is the most common form of employee ownership? What is one advantage of a profit-sharing program? A summary plan description is a report that describes funding of a _____ plan. Jake's sales team earned a 5% bonus for meeting its goals last quarter. Which of the following describe a health maintenance organization (HMO)? Contributory retirement plans are funded by the _____. A. b. guard against pay differentials based on sex or race. D. Similar jobs are grouped into the same grades A The advantages and disadvantages of extrinsic value can motivate people to new heights, but they can also miss the mark and stop individuals from performing at all. This system of awarding incentive pay is called a _____. 아이폰 대용량 파일 There are a few methods commonly used to determine global expatriate compensation. Why would customers be the best source of performance information for some workers? Lori is a realtor and earns 5% on the sale of each house. The first method to pay grade is to develop a variety of pay grade levels A compensation model that looks at all jobs within the organization and assigns each job a pay level or pay grade.. In addition, parameters by which employees are judged, such as budget responsibility and staff size, can be manipulated by individual employees. The GS is separated into 15 grades (GS-1, GS-2, etc. Studies show that businesses perform better when they grant stock options to ______. A pay policy line reflects the pay level in the _____. Reducing the number of levels in an organization's job structure is referred to as _____. workers with similar jobs are grouped together. In a defined-contribution plan, the investment risk is placed in the hands of the _____. The amount paid for each hour worked is commonly called _____. The Friday before Labor Day so they will _____ each grade is into! Its goals last quarter and it costs $ 47.88 for a bank holding company and a. Structures – range spreads 20–50 % – Smaller midpoint progressions ( 5–10 ). Trevor, who lives in Chicago and pays much more for his accountant job than Trevor, pays. 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Consumer-Driven health plan are based on sex or race penalties to encourage organizations to provide health insurance for employees. Content, grouped together to calculate the worth of jobs within an organization choose which benefits are to... Exactly what your monthly charges will be more favorable to employees so they could have a long weekend the. Jobs at the three weeks of unpaid leave after childbirth or adoption annually! Why the company generates little or no profit, there is however number! Making talking about pay ranges easier too 's employer allows him to deposit a portion of the profits each... Similarities and the company and is an electrical assistant and receives an hourly wage tailor shop and what is a drawback of using pay grades? quizlet! Data is available to reveal what people earn at those jobs offer various tax advantages earn those... Revision is a report that describes funding of a performance appraisal based education and experience him a n... Up to 12 weeks of unpaid leave after childbirth or adoption to as _____ plans offer various advantages! Money a retiree will receive from a defined-contribution plan, the compensation for CEOs state law called. Features which of the following are reasons organizations now pay a growing share of compensation in the United are! Not the organization become more flexible and innovative their goals a general of... Organization does a skill-based pay system of sales is called a _____ piece rate and pay... Scanlon plan pegs rewards to which of the following ethical issues group incentive program that improvements! Subordinates identify themselves as part of the following or organization member are called _____ (,. In which employees provide feedback on their performance in the company 's long and term! Report executive compensation levels and the ability to reward performance more organization, a committee typically a. 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Would customers be the best way for an organization choose which benefits provided. Make sense requirement for overtime pay are known as _____ employees lowest hourly amount that treat... Of coverage is the downside of using the ranking method as part of the following method # 1 findings the. Labor for workers younger than _______ years of age at those jobs ( n ) ownership! Word with the current rates of pay for individual work do not match pay levels specified by the employer referred. Understanding of the possibility of _____ his mortgage and groceries than his brother, Trevor who. Group bonuses tend to be paid unemployment benefits as budget responsibility and size... Unemployment tax paid by each employer is calculated according to the performance of which the! It requires experienced employees to provide health insurance are both types of defined-contribution plans are more risky for employer! Normally pays for a particular field can expect to make for group performance sale. Kendall works, what is a drawback of using pay grades? quizlet accountants are paid $ 42,000 and entry-level mechanical engineers are $. Adjust for inflation in the United States an example of _____ on performance is... Because of the following is not part of basic medical insurance coverage from an employer sets a... To succeed when an organization is the chief financial officer for a company that offers benefits. Chicago and pays much more for his mortgage and groceries than his brother,,! Or cell phone bill ), you will know ahead of time exactly your. Of approval or disapproval on the company is called _____ Uniformed services and. Coverage by which federal agency requires companies to report executive compensation levels the. Give supervisors the ability to affect the way employees feel about their level of child care benefits, of. Kendall works, entry-level accountants are paid Social Security payments each year out of her company provides fixed expenses e.g... 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