Above Market - organizations tie their wage practices for most position to the market average, for example, a good teacher is essential for good learning, so she should get paid more, rather a less good teacher is OK w getting a smaller salary due to her bravura
Benchmarking - CH 7 stuff
Benchmark jobs - are well known jobs, that are strategically important and are structure in such a way that one would expect to find them in the general marketplace
Benefits statements - periodic report customized and distributed to each individual employee identifying their coverage and providing very specific cost information on each such program, paycheck inserts, for example
Broad-banding - is an approach base pay, consolidating existing pay grades and ranges, into fewer and wider career bands; provides greater flexibility and helps w moving people around in the organization
Cash compensation - pay paid directly by the employers to the employee for the work performed - ex hourly base pay and pay contingent to performance
Cafeteria-Style Benefit Plans - due to increasing diversity, flexible planning, mostly preferred by 2 income family
Comparable worth or pay equity - (1934) policy that requires a pay structure that is based on an internal assessment of job worth (job evaluation process) used to reduce gender or racial discrimination in the wage setting process
Competitive or Externally Equitable - your program is said to be, when your pay practices are similar to the practices of other firms competing for the same talent
Compensation - refers to all forms of financial returns and tangible benefits that employees receive in exchange for their time, talents, efforts, performance and results
Defined-benefit pension plans - traditional plan, that guarantees a specific retirement amount based on a % of the wage earned preretirement
Defined-contribution pension plans - employer gives a specific $ amount from the earning salary preretirement that is paid to the employee’s 401(k) plan each period
Employee Assistance Programs (EAPs) - intended to help employees deal with personal problems that might adversely impact their job performance, health, and well-being. Equity theory - The belief is that people value fair treatment which causes them to be motivated to keep the fairness maintained within the relationships of their coworkers and the organization. The structure of equity in the workplace is based on the ratio of inputs to outcomes. Inputs are the contributions made by the employee for the organization.
External equity - the relationship between one company's pay levels in comparison to what other employers pay
Factor comparison method - The jobs are then priced and the total pay for each job is divided into pay for each factor. See example matrix below: Job Evaluation:
Factor Comparison. The hourly rate is divided into pay for each of the following factors: Job.
Federally mandated benefits Foreign service premium - are monetary payments above and beyond base salary that companies offer in order to encourage employees to accept expatriate assignments Fringe compensation - refers to employee benefit compensation, requires legally required programs such as SSecurity and, discretionary programs such as health benefits HMOs - health maintenance organizations, healthcare professionals who provide service based on a prepaid basis
Hardship premium - used to compensate expatriates for exceptionally hard living and working conditions in some foreign locations
Hay Plan - A hay plan is a technique that is used to assess a manager's performance. Managers are interviewed regarding such issues as their responsibilities.
Individual equity - Your pay or salary is based on your value as an employee, which translates into how your input as an employee contributes to the profit or earning capacity of the company.
Internal equity - Internal equity means ensuring fairness in pay for employees working similar jobs.
Job classification
Job evaluation
Job family - a group of jobs having the same basic nature of work, but requiring different levels of skills, efforts and working conditions
Job ranking
Labor market - the supply of available workers in relation to available work.
Long-term capital accumulation plan - is the generic name for any program that seeks to systematically set aside $ during one’s working lifetime, primarily for use during one’s retirement
Market pricing - going straight to the marketplace to see what they have as wages in order for you to establish your own wages for your own employees
Minimum wage - places the bottom limit on what an employer can pay as a wage
PPOs - preferred provider organizations, usually hospitals that offer reduced rates based on contractual arrangement with the organization
Pay equity or comparable worth
Pay for knowledge - expertise and innovation is sought after as a competitive advantage, it is a type of pay strategy used usually for scientific, technical disciplines
Pension Guaranty Benefit Corporation (PBBC) - PBGC collects insurance premiums from employers that sponsor insured pension plans, earns money from investments and receives funds from pension plans it takes over.
Point-factor plans - the study (below) derived the predictive $ value for the factors of the point factor system in order to capture the historical policy linking job factors to the actual pay of state employees
Policy capturing - systematic discrimination in FL against women and minorities in the manner in which the state had been paying its employees
Relevant job market - when firms buy an existing survey, they need to make sure the data from the survey is pertinent to what their target market is
Salary Survey - same as wage surveys
Skill based pay - most modern, employees begin at entry level wage rate, then they receive increments as their knowledge and bravura increases (as they grow..)
Social Security - a federal insurance program that provides benefits to retired people and those who are unemployed or disabled.
Vesting - the conveying to an employee of unconditional entitlement to a share in a pension fund.
Wage Gap - The wage gap is expressed as a percentage (e.g., in 2013, women earned 78.3% as much as men aged 16 and over) and is calculated by dividing the median annual earnings for women by the median annual earnings for men.
Wage surveys - Salary Surveys are tools used to determine the median or average compensation paid to employees in one or more jobs. Compensation data, collected from several employers, is analyzed to develop an understanding of the amount of compensation paid.
Wellness programs - used to educate employees to make informed decisions about their lifestyles and their health care & to challenge employees’ belief that employers are responsible for their health and for paying for all of their medical care costs

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) - mandates an insurance program giving some employees the ability to continue health insurance coverage after leaving employment.
Dodd-Frank Act - A compendium of federal regulations, primarily affecting financial institutions and their customers, that the Obama administration passed in 2010 in an attempt to prevent the recurrence of events that caused the 2008 financial crisis - it is supposed to lower risk in certain parts of US
Equal Pay Act of 1963 (EPA) - aimed at abolishing wage disparity based on sex
Employee Retirement Income Security Act (ERISA) requires plans to provide participants with plan information including important information about plan features and funding; provides fiduciary responsibilities for those who manage and control plan assets; requires plans to establish a grievance and appeals process for participants to get benefits from their plans; and gives the right to sue for benefits and breaches of fiduciary duty.
Family Medical Leave Act of 1993 (FMLA) federal law requiring covered employers to provide employees job-protected and unpaid leave for qualified medical and family reasons.
Fair Labor Standards Act (FLSA) establishes minimum wage, overtime pay, record keeping, and youth employment standards affecting employees in the private sector and in Federal, State, and local governments.
General Dynamics Land Systems v. Cline
General Dynamics Land Systems renegotiated its union contract to provide full health care benefits only to retirees who were more than 50 years old by a July 1, 1997, deadline. Union member Dennis Cline fell two years short of 50 at the time of the deadline and was excluded permanently from receiving health benefits.
Cline - along with 196 other 40-to 49-year-old employees - filed suit against General Dynamics under the Age Discrimination in Employment Act of 1967 (ADEA). ADEA protects workers over 40 from age discrimination. Since the contract excluded workers between the ages of 40 and 49, Cline alleged that providing benefits only to retirees 50 and up was illegal age discrimination.
A U.S. district court in Ohio rejected Cline's claims. The court ruled that the ADEA does not recognize claims for "reverse discrimination" or preferential treatment for older people within the same over-40 class. Cline appealed and the U.S. Court of Appeals for the Sixth Circuit reversed. The court ruled that General Dynamics was guilty of plain age discrimination, since the ADEA protects all persons over 40 from age discrimination by their employers.
Health Insurance Portability and Accountability Act (HIPAA) provides important new protections for working Americans and their families who have preexisting medical conditions or might otherwise suffer discrimination in health coverage based on factors that relate to an individual's health.
Lilly Ledbetter Fair Pay Act new act states that the 180-day statute of limitations for filing an equal-pay lawsuit regarding pay discrimination resets with each new paycheck affected by that discriminatory action.
Medical Health parity and Addiction Equity Act (MHPAEA) is a federal law that generally prevents group health plans and health insurance issuers that provide mental health or substance use disorder (MH/SUD) benefits from imposing less favorable benefit limitations on those benefits than on medical/surgical benefits.
Prevailing wage laws is a term used in a legislative effort to provide organized labor a fair chance to bid for government contracts.
Pregnancy Discrimination Act of 1978 prohibit sex discrimination on the basis of pregnancy." The Act covers discrimination "on the basis of pregnancy, childbirth, or related medical conditions."
Retirement Equity Act of 1984 providing more benefits for surviving spouses, lowering the age for participation, and addressing gender equity concerns.