Legal Requirements
The goal for this law is to provide equal pay for equal work
What is Equal Employment Opportunities Law
A market that includes organizations that offer competing goods and services
What is a Product Market?
A graphed line showing the mathematical relationship between job evaluation points and pay rate.
What is Pay Policy Line?
The ratio of the average pay to the midpoint of the pay range
What is compa-ratio?
This law allows for a lower training pay than minimum pay
What is FLSA/minimum wage?
A measure that the federal government tracks trends in the nation’s cost of living with
sets of jobs having similar worth or content, grouped together to establish rates of pay.
What is Pay Grades?
Explanation of how pay decisions relate to the organization’s objectives.
What is Pay Strategy?
This law defines exempt and non-exempt employees
What is FLSA?
A procedure in which an organization compares its own practices against those of successful competitors
What is benchmarking?
Organizations may pay extra to employees in locations where living expenses are higher or the competition for talent is more intense.
What are Pay Differentials?
The characteristics of a job that the organization values and chooses to pay for.
This act adds a requirement related to communicating one outcome of pay structure: the ratio of CEO pay to the pay of a typical worker.
What is the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010?
The cost of a household’s typical expenses, such as house payments, groceries, medical care, and gasoline
What is Cost of Living?
Reducing the number of levels in the org structure
What is Delayering?
The practice of openly communicating information about wages or salary to employees and job candidates
What is Job Transparency?