D351 topic 9, 10 & 11 flashcards

Wage dividend plan

the percentage of profits paid to employees based on the amount of dividends paid to stockholders

Gainsharing

a bonus payments based on achieving an operational goal (for example.. increased customer retention = gain)

cash plans

the payment of profit shares at regular intervals

Hourly wage and yearly salary

the two most common forms of fixed pay

Fixed pay

pay/compensation that is independent of performance

indirect compensation

non monetary benefits provided to employers such as insurances, a work phone, training, etc.

direct compensation

payments recieved directly from the employer in exchange for work

Job evaluation

the systematic process for assessing the relative worth of jobs within an organization

piecework

work paid based on output or amount produced

Arbitration

where a neutral third party studies a bargaining situation and makes recommendations or a binding decision for them

Collective agreement

a contract between a union and an organization made through bargaining about working conditions, wages, etc

Collective bargaining

the process of negotiating those things to reach the collective agreement

Grievance procedure

a system outlined to resolve employee complaints and disputes

LOCKOUT

a refusal by management to allow employees to work

Mediation

when a third party assists in reaching a voluntary agreement

Norris-LaGuardia Act

a 1932 law that guarantees the employee the right to bargain with employers

Agency shop

a type of agreement in which employees do not have to belong to a union for employment, but all employees must still pay union duesO

Open shop

a union agreement in which employees can decide whether or not they want to join the union and do not have to pay dues unless they join

Closed shop

a union agreement in which an employer agrees to only hire union employees

Union shop

a type of union agreement in which an employer can hire nonunion workers, but the new workers must join the union and pay dues after they are hiredS

Strike

a refusal by employees to work

Wagner Act

a 1935 law that bans unfair labor practices by employers and created the National Labor Relations Board