Untitled Flashcards Set

Got it, Mehul! Here's the updated list with the page references removed:

Job Structure: Establishes the relative pay for different jobs within the organization, reflecting differences in responsibilities and functions.
Pay Level: The average pay, including wages and bonuses, for a group of jobs within an organization.
Pay Structure: The framework that combines job structure and pay levels, guiding compensation policies.

Minimum Wage: The lowest hourly wage employers must pay, as mandated by federal or state laws.
Fair Labor Standards Act (FLSA): A U.S. law governing minimum wage, overtime pay, and child labor protections.
Exempt Employees: Employees not entitled to overtime pay under the FLSA, typically in managerial or professional roles.
Nonexempt Employees: Employees covered by FLSA overtime pay requirements.

Benchmarking: Comparing an organization’s pay practices to those of competitors to ensure competitiveness.
Pay Transparency: The practice of openly sharing information about pay structures and policies.
Job Evaluation: A systematic process to assess the relative value of jobs to determine fair pay.

Hourly Wage: Pay based on the number of hours worked.
Piecework Rate: Payment tied to the quantity of items produced.
Salary: Fixed regular payment, often expressed annually, not dependent on hours worked.
Pay Policy Line: A graph showing the relationship between job value (points) and pay.
Pay Grades: Groups of jobs with similar value and pay ranges.
Pay Range: The spectrum of possible pay rates for a job or grade.
Pay Differential: Adjustments to pay to account for factors like location or working conditions.

Delayering: Reducing job levels within an organization to create broader job bands.
Skill-Based Pay Systems: Pay systems rewarding employees based on knowledge or skill levels.

Incentive Pay: Compensation tied to performance or specific outcomes.
Straight Piecework Plan: Pay strictly based on the number of units produced.
Differential Piece Rates: Higher pay rates for higher production levels.
Standard Hour Plan: Extra pay for completing work in less than standard time.
Merit Pay: Pay increases based on performance appraisals.
Commissions: Incentive pay as a percentage of sales.
Gainsharing: Shared rewards for group productivity improvements.
Profit Sharing: A share of organizational profits distributed to employees.
Stock Options: The right to purchase company stock at a set price.
Employee Stock Ownership Plan (ESOP): A program where employees receive company stock.

Employee Benefits: Non-wage compensation provided to employees, such as insurance or paid leave.
Social Security: A federal program providing retirement, disability, and survivor benefits.
Unemployment Insurance: Compensation for employees who lose their jobs, funded by employer payroll taxes.
Experience Rating: A measure of an employer’s history with unemployment claims, affecting their insurance tax rate.
Workers' Compensation: Insurance for work-related injuries or illnesses.
Family and Medical Leave Act (FMLA): Provides unpaid, job-protected leave for family or medical reasons.
Patient Protection and Affordable Care Act: A law requiring large employers to offer health insurance or face penalties.
Consolidated Omnibus Budget Reconciliation Act (COBRA): Allows continuation of health coverage after job loss.

Health Maintenance Organization (HMO): A health plan requiring members to use specific providers.
Preferred Provider Organization (PPO): A health plan offering flexibility in choosing healthcare providers.
Flexible Spending Account: Accounts allowing employees to use pre-tax dollars for healthcare or dependent care expenses.
High-Deductible Health Plans (HDHPs): Health plans with lower premiums but higher deductibles.
Employee Wellness Program (EWP): Initiatives encouraging healthy behaviors among employees.

Short-Term Disability Insurance: Benefits for temporary inability to work due to illness or injury.
Long-Term Disability Insurance: Coverage for extended periods of work inability.
Contributory Plan: A retirement plan funded by both employer and employee.
Noncontributory Plan: A retirement plan funded solely by the employer.
Defined-Benefit Plan: Guarantees a set retirement income based on salary and service.
Defined-Contribution Plan: A plan where employer contributions are defined, but benefits depend on investment performance.
Cash Balance Plan: A hybrid retirement plan with employer contributions earning a set interest.
Vesting Rights: Employee rights to employer-contributed funds in retirement plans.
Summary Plan Description (SPD): A document explaining benefit plans to employees.
Cafeteria-Style Plan: A benefit program allowing employees to choose options that best suit their needs.

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