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Bus 384: Chapter 10

TermDefinition
Job-based pay evaluate the contributions/value of each job and set a max and min pay for each job independently
Knowledge-based/skill-based employees are paid on the basis of the jobs they can do or talents they have that can be successfully applied to a variety of tasks and situations
the going rate the midpoint of the wage/salary distribution in the survey
elitism different compensation systems are established for employees or groups at different organizational levels
egalitarianism pay plan where most employees are part of the same compensation system
market survey determine the pay ranges for each grade level
external equity the perceived fairness in pay relative to what other employers are paying for the same type of labor
internal equity the perceived fairness of the pay structured within a firm
individual equity the perceived fairness of individual pay decisions
base compensation the fixed pay an employee receives on a regular basis either in the form of a salary or as an hourly wage
labor market model a model of pay equity where the wage rate for any given occupation is set at the point where the supply of labor equals the demand for labor in the marketplace
distributive justice employees exchange their contributions or input to the firm (skills, effort, time, etc.) for a set of outcomes (pay is one of the most important but also co. car, recognition, etc.)
Consequences of pay secrecy 1) greater dissatisfaction because EE tend to overestimate the pay of coworkers and superiors 2) supervisors have to defend their compensation decisions
job evaluation the process of evaluating the relative value or contribution of different jobs to an organization
comparable worth a pay concept or doctrine that calls for comparable pay for jobs that require comparable skills, effort, and responsibility and have comparable working conditions, even if the job content is different
Created by: mbarnum3
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