MHR 523 - 8 - Compensation and Benefits - Students

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16 Terms

1

Compensation Management

The process of managing employee compensation, including salary, benefits, and incentives.

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2

Internal Equity

Perceived equity of a pay system within an organization.

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3

External Equity

Perceived fairness of pay compared to what other employers pay for similar jobs.

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4

Pay Equity Challenges

Issues that arise when ensuring fair pay among employees and across organizations.

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5

Job Ranking

A method where jobs are subjectively ranked in order of importance relative to one another.

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6

Job Grading

Grouping jobs into categories that describe their relative worth within an organization.

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7

Point System

A job evaluation system that assesses the relative importance of a job's key factors.

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8

Pay for Performance

Incentive pay directly tied to an employee's performance or productivity.

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9

Individual Incentive Plans

Compensation plans that reward individual performance, such as piecework.

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10

Team Incentives

Compensation plans that reward group performance and encourage cooperation.

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11

Total Rewards

The complete package of compensation, benefits, and other perks offered to employees.

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12

Legally Required Benefits

Benefits mandated by law, such as pension plans and workers' compensation.

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13

Voluntary Benefits

Additional benefits offered by employers, such as health insurance and paid time off.

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14

Benefits Management

Administration and planning of employee benefits to attract and retain talent.

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15

Equity in Pay

The principle that employees should receive equal pay for equal work or work of equal value.

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16

Ethics in Compensation

The moral principles that govern how compensation is administered and perceived in the workplace.

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