Jobs and Wages Lecture Review

Vocabulary terms and definitions from the lecture on Jobs and Wages, covering historical origins, administrative procedures, incentive plans, and job evaluation methods.

Book of Genesis (29:15, King James)

An early written record of wage talks where Jacob agreed to work $7$ years for Rachel as payment.

Wage Administration Procedures

The organized methods a company uses to set, manage, and adjust employee pay to ensure it is fair, consistent, and aligned with company policies and legal requirements.

Job Analysis

The process of finding facts about a job, including actual work performed, qualifications required, responsibilities, and job conditions.

Job Rating

Evaluating the hierarchy and inter-relationship among jobs within an organization.

Job Pricing

The process of originating pay schedules based on ratings, wage surveys, policy, and collective bargaining.

Task Setting

Establishing standards of performance for incentive payment including quantity, quality, and time requirements.

Wage Control

A system of wage records, timekeeping, and the work of the paymaster to maintain a satisfactory pay relationship.

Company Wage Policy

A set of clear rules explaining how employees are paid to ensure salaries are fair, consistent, and follow company goals and legal requirements.

Wage Administrator

A specialized professional responsible for managing pay systems, creating pay scales, ranking jobs, and ensuring compliance with wage and work hour laws.

Real Wages

The purchasing power of income after adjusting for inflation, showing how much goods and services a worker's wages can actually buy.

Real Earnings

The actual value of everything earned from work after adjusting for price changes, indicating how much an individual can afford to buy with their income.

Time-Based Pay

A payment system where employees receive a fixed wage per hour or per day, providing stable income but potentially reducing motivation.

Output-Based Pay

A payment system that encourages higher performance and can increase productivity by $20-50\%$, but requires monitoring and accurate records.

Straight Piecework

A wage incentive system where workers are paid per unit produced, offering high earning potential but potentially pressuring workers.

Standard Hour Plan

A system where workers are paid based on time saved, commonly used in jobs where tasks are easily measured and timed.

Halsey (50-50) Plan

A wage incentive system where the worker and company share time savings through a bonus for time saved compared to the standard time.

Time Study

A method used to measure how long it takes to complete a task by observing and timing it to determine the standard time needed for efficient completion.

Work Measurement

A way to find how long a task should take when done correctly at a normal pace to set standard times and improve efficiency.

Wage Surveys

The collection of data on pay rates from other companies to determine market salary levels and set fair pay ranges.

Wage Schedules

A tool used to organize jobs into pay grades with set salary ranges, usually kept about $10\%$ above or below the average.

Job Evaluation

The process of comparing jobs within an organization to determine their relative value based on skill, effort, responsibility, and working conditions.

Ranking Method

A job evaluation method where jobs are ordered from highest to lowest based on their perceived importance.

Classification Method

A job evaluation method where jobs are grouped into specific classes or grades with similar levels.

Point Factor Method

A method where jobs are scored using points for specific factors like skill and responsibility.

Factor Comparison Method

A job evaluation method where jobs are compared using key factors to establish specific pay values.

Merit Rating

The evaluation of an individual employee's job performance, characteristics, and productivity to determine rewards like pay increases or promotions.

Automation

Using technology and machines to replace manual tasks or systems to perform work faster and more efficiently.

Job Design

The process of organizing work tasks and structuring duties to ensure efficiency in how work is completed.