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show up to work
basic requirements
defn: base pay employee recieves as wage or salary |
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| when your pay is calculated on the amount of time you worked |
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| consistant payment regardless of hours worked |
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| compensation linked directly to individual, team, or org. performs. |
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| direct award given to an employee for being a member of the org. |
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| people treated fairly, come to their job and do their work. |
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FLSA
basic wage per hour law in US, covers all employees in private sector, involved in interstate commerce, work week is 168 hours, cannot require worker to work more than 40 hours only if their non-exempt. designed to control child labor. also established the national minimum wage (no provisions set)
If your in a executive or professional environment outside sales are computer related and the law does not apply. |
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| the longer an employee works or the higher the title, the more they get paid |
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| based on how will the employee performs |
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| applies to fed. contractors engaged in construction. once the value of a fed. contract exceed 2,000 dollars this law kicks in. it requires minimal wage to be prevailing wage of locality. has the ability to inflate fed. contracts. |
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| perceived fairness of the procedures used |
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| perceived fairness in the distribution of outcomes. |
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| applies to govt contractors who are non-construction and their limit is 10,000 dollars. |
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| outcomes over inputs = others outcomes over their inputs. you compare yourself to them to see if your being treated fairly (balanced). If you do more, you get more out. consequently others will do less and get less. |
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| paying new people the same rate as senior employees. |
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| Salary inversion refers to situations in which the starting salaries for new recruits to an organization increase faster than those for existing employees |
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| paid above range set for that job |
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| paid below set range for that job |
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| court order that directs employer to set a portion of the employees wages to pay a debt that's owed. |
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| how much a particular job is worth relative to their positions. |
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| one time payment on top of yearly pay. |
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| system in which wages are determined by multiplying the number of units produced by the piece rate unit |
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| system to distribute a portion of the profits of an org. to employees |
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| system of sharing with employees gains and profits for productivity. |
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| plan that gives employees the right to purchase a fixed number of shares of company stock at a specified exercise price for limited time. |
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| employee stock ownership plan |
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| designed to give employees significant stock ownership. |
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| compensation computed as a percentage of sales in units or dollars |
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| Special benefits-usually non-cash items-for executives. |
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| indirect reward given to employee or group of employees for organizational membership. |
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a. individual workers - get commission for what they sell and peace rate for what they make.
b.group-company-wide - cost reduction |
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| developed by labor leader where mgmt and workers work together to reduce cost. |
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| how to award pay increases |
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Definition
COLA - cost of living adjustment
MERIT- trying to recognize performance
and pay more to those employees.
RIP retirement in place |
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Definition
Their production peoples salary is their bonus and can only be taken away from due to bad performance.
-Uses stock options as reward for loyalty |
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| use company-wide approach in which all levels participate[ate in a bonus plan that deals with profit sharing. |
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| Program that allows employees to select the benefits they prefer from groups of benefits established. |
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| Situation in which only higher-risk employees select and use certain benefits |
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| Security benefits provided to persons injured on the |
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| Security benefit voluntarily offered by employers to individuals whose jobs are eliminated or who leave by mutual agreement with their employers. |
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| Required security Benefits |
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Definition
Workers compensation
unemployement compensation |
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| required retirement benefits |
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Definition
social security
ADEA and OWBPA provision |
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| required health care benefits |
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Definition
COBRA - requires companies to offer continuing insurance to prior employees and survivors.
HIPAA - Health Insurance Patient Protection Act - doctors keep patient files provate |
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| FMLA provision - family medical leave act provisions |
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| not in insurance program. money is sent in by payroll deductions. pays for administration costs and benefits. Whatever you pay your employer matches the amount. |
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| Patient Protection and affordable care act |
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Definition
coverage extends to young adults until they are 26
Employers must enroll new employees into their coverage plan
No caps on lifetime benefits
pushes for small companies to offer health insurance to all employee
Pre-existing conditions are recovered in this act.
Access to care is a function of the providers.
Coverage is automatic with forms of 200 or more employees. |
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| Approaches that monitor and reduce medical costs through restrictions and market system alternatives. |
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| a health care provider that contracts with an employer to supply health care services to employees. |
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| Health Maintinance Org. (HMO) |
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Definition
| plan that provides services for a fixed period on a prepaid basis. |
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| heath plan that provides employer financial contributions to employees to hep cover their healthcare expenses. |
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| flexible spending accounts |
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Definition
| benefit plans that allow employees to contribute dollars to fund certain additional benefits. |
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| pays monthly distribution but puts a lot of risk on employer because their responsible for paying employee for life. |
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| defined contribution plan |
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| places money in the market place and then is distributed. More common today |
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| both employee and employer contribute to it |
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required by law for all private employers.
provide enough money for imdediate and future coverage. |
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| ERISA (Employee Retirement Income Security Act of 1974) |
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Definition
Fairly friendly to employees but restrictive to employers. made because pensions were becoming bankrupt. Does not effect non-profit org. Full effect on for=profit companies. Has defined benefit plans and eligibility for the plan. the plan cannot deny eligibility for employees who reach 21 or have 1 year in service. est. vesting service (right to collect from the plan) Full vesting after 5 years
20% vesting after 3 years with full vesting after 7 (most widely used)
-if you’re not vested the company will give you back your money, no pension
-mandates funding
-Penalized if company fails to meet requirements
-Defines standards for fiduciary (party of interest, no matter what fiduciaries must do what is right for the company and to be careful and conservative) |
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| The right for employees to receive certain benefits from their pension plan. |
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| PBGC pension benefit guarantee corporation |
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Definition
makes sure if plant goes under, vested people will be protected to a degree (60% or so)
Funded by payroll tax and congress.
Est. full disclosure procedures and reports to be sent out annually. |
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Term
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Definition
| by law it is a party in direct interest (ex. Managing somebody’s estate) Primary purpose is to put the org. that control pension plans on notice that they had to do what’s right, conservative, and reasonable and accountable for bad decisions. Its anyone who has discretionary authority with regard to planned moneys. Involves being careful in terms of investment decisions. The standard is called Prudent Man. |
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| – results from positive outcomes (promotion) |
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| is negative and results from bad events |
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| Occupational Safety and Health Act-protect employees (OSHA) |
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Definition
Places duties on employer
1-furnish each employee with place of employment that is free of recognized hazard.
2-comply with the standards
3-must permit OSHA inspection
4-required to make and keep reserve records associated with accidents and health related events.
-They can come in with a warrant and inspect your org.
-If they find harmful situations they will come back until the problem is taken care of.
The problem with OSHA is that it places a company at a disadvantage. |
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| NIOSH (National Institute of Safety and Health) |
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Definition
research and testing
Issue recommendations to OSHA whenever they want to change the standards.
Have the right to show at any time. |
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Term
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Definition
| study and design of work environment to address physical demands placed on individuals. NIOSH uses this to determine if a person is good for their job. |
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| Cumulative Trama disorders |
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Definition
| Muscle disorders workers experience when doing repetitious work. |
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Term
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Definition
HVAC company that denied entry to OSHA inspector
They said that the power of OSHA violated the 4th amendment
Court ruled that OSHA is not different than other agents of law enforcement and must have a search warrant but don't need probable cause. |
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Term
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Definition
Looking for 5 target substances for health and 5 target industries for safety.
All companies must comply with OSHA standards.
OSHA used to use interim standards that conflicted with themselves and didn't help to much.
OSHA depends on whistle blowers to tell on companies. |
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