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consumer price index (CPI)
A measure of the average change in prices
over time in a fixed “market basket” of
goods and services
escalator clauses
Clauses in collective agreements that
provide for quarterly cost-of-living adjustments
in wages, basing the adjustments on
changes in the consumer price index
real wages
Wage increases larger than rises in the consumer
price index, that is, the real earning
power of wages
job evaluation
a systematic process of determining the
relative worth of jobs to establish which jobs
should be paid more than others within an
organization
job ranking system
The simplest and oldest system of job
evaluation by which jobs are arrayed on the
basis of their relative worth
job classification system
a system of job evaluation in which jobs are
classified and grouped according to a series
of predetermined wage grades
points system
a quantitative job evaluation procedure that
determines the relative value of a job by the
total points assigned to it
hay profile method
A job evaluation technique using three
factors—knowledge, mental activity, and
accountability—to evaluate executive and
managerial positions
wage and salary survey
a survey of the wages paid to employees of
other employers in the surveying organization’s
relevant labour market
wage curve
A curve in a scattergram representing the
relationship between the relative worth of
jobs and wage rates
pay grades
Groups of jobs within a particular class that
are paid the same rate
red circle rates
Payment rates above the maximum of the
pay range
broadbanding
Collapses many traditional salary grades
into a few wide salary bands
competency -based pay
Pay based on an employee’s skill level,
variety of skills possessed, or increased job
knowledge
wage rate compression
Compression of differentials between job
classes, particularly the differential between
hourly workers and their manag
absolute pay
based on labour market pricing and what they pay for similar jobs
relative pay
determined by its ranking in the job evaluation process
equity theory
employee perceive compensation as fair when it manages the value for their work
expectancy theory
motivated to work harder if they believe their effort will lead to valued reward