Human Resource Management Test 3 Study Guide

Human Resource Management Test 3 Study Guide Job Structure - Answer-The relative pay for different jobs within the organization Pay Level - Answer-The average amount (including wages, salaries, and bonuses) the organization pays for a particular job Pay Structure - Answer-The pay policy resulting from job structure and pay level decisions Minimum Wage - Answer-The lowest amount that employers may pay under federal or state law, stated as an amount of pay per hour Fair Labor Standards Act - Answer-Federal law that establishes a minimum wage and requirements for overtime and child labor Exempt Employees - Answer-Managers, outside salespeople, and any other employees not covered by the FLSA requirement for overtime pay Nonexempt Employees - Answer-Employees covered by the FLSA requirements for overtime pay Benchmarking - Answer-A procedure in which an organization compares its own practices against those of successful competitors EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024 Page 2/9 Job Evaluation - Answer-An administrative procedure for measuring the relative internal worth of the organization's jobs Hourly Wage - Answer-Rate of pay for each hour worked Piecework Rate - Answer-Rate of pay for each unit produced Salary - Answer-Rate of pay for each week, month, or year worked Pay Policy Line - Answer-A graphed line showing the mathematical relationship between job evaluation points and pay rate Pay Grades - Answer-Sets of jobs having similar worth or content, grouped together to establish rates of pay Pay Range - Answer-A 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 Pay Differential - Answer-Adjustment to a pay rate to reflect differences in working conditions or labor markets Delayering - Answer-Reducing the number of levels in the organization's job structure Skill-Based Pay System - Answer-Pay structures that set pay according to the employees' levels of skill or knowledge and what they are capable of doing Incentive Pay - Answer-Forms of pay linked to an employee's performance as an individual, group member, or organizational member EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024 Page 3/9 Piecework Rate - Answer-A wage based on the amount workers produce Straight Piecework Plan - Answer-Incentive pay in which the employer pays the same rate per piece, no matter how much the worker produces Differential Piece Rates - Answer-Incentive pay in which the piece rate is higher when a greater amount is produced Standard Hour Plan - Answer-An incentive plan that pays workers extra for work done in less than a present "standard time" Merit Pay - Answer-A system of linking pay increases to ratings on performance appraisals Gainsharing - Answer-Group incentive program that measures improvements in productivity and effectiveness and distributes a portion of each gain to employees Scanlon Plan - Answer-A gainsharing program in which employees receive a bonus if the ration of labor costs to the sales value of production is below a set standard Profit Sharing - Answer-Incentive pay in which payments are a percentage of the organization's profits and do not become part of the employee's base salary Stock Options - Answer-Rights to buy a certain number of shares of stock at a specified price Employee Stock Ownership Plan - Answer-An arrangement in which the organization distributes shares of stock it all its employees by placing it in a trust EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024 Page 4/9 Balanced Scorecard - Answer-A combination of performance measures directed toward the company's long and short term goals and used as the basis for awarding incentive pay Commissions - Answer-Incentive pay calculated as a percentage of sales Employee Benefits - Answer-Compensation in forms other than cash Social Security - Answer-The federal Old Age, Survivors, Disability, and Health Insurance program, which combines old age (retirement) insurance, survivor's insurance, disability insurance, hospital insurance (Medicare Part A), and supplemental medical insurance (Medicare Part B) for the elderly. Unemployment Insurance - Answer-A federally mandated program to minimize the hardships of unemployment through payments to unemployed workers, help in finding new jobs, and incentives to stabilize employment Experience Rating - Answer-The number of employees a company has laid off in the past and the cost of providing them with unemployment benefits Worker's Compensation - Answer-State programs that provide benefits to workers who suffer work-related injuries or illnesses, or to their survivors Family and Medical Leave Act - Answer-Federal law requiring organizations with 50 or more employees to provide up to 12 week of unpaid leave after childbirth or adoption; to care for a seriously ill family member; or for an employee's own serious illness EMILLECT 2024/2025 ACADEMIC YEAR ©2024 EMILLECT. ALL RIGHTS RESERVED FIRST PUBLISH OCTOBER, 2024 Page 5/9 Consolidated Omnibus Budget Reconciliation Act - Answer-Federal law that requires employers to permit employees or their dependents to extend their heath insurance coverage at group rates for up to 36 months following a qualifying event, such as a layoff, reduction in hours, or the employee's death Heath Maintenance Organization - Answer-A health care plan that requires patients to receive their medical care from the HMO's health care professionals, who are often paid a flat salary, and provides all services on a prepaid basis Preferred Provider Organization - Answer-A health care plan that contracts with health care professionals to provide services at a reduced fee and gives patients financial incentives to use network providers Flexible Spending Account - Answer-Employee-controlled pretax earnings set aside to pay for certain eligible expenses such as health care expenses during the same year Employee Wellness Program - Answer-A set of communications, activities, and facilities designed to change health related behaviors in ways that