Compensation Compilation
This represents both the intrinsic and extrinsic rewards employees receive for performing their jobs
what is total compensation?
The monetary compensation employees earn on a regular basis for performing their jobs (hourly and salary)
What is BASE PAY?
An ordered set of similar jobs based on worth
What is JOB STRUCTURE?
This law mandates a prevailing wage for all federally financed or assisted construction projects exceeding $2,000
What is the DAVIS-BACON ACT OF 1931?
The federal minimum hourly wage ($)
What is $7.25 an hour?
Wages, salary, commissions and bonuses
What is DIRECT FINANCIAL COMPENSATION?
What is COST-OF-LIVING-ADJUSTMENTS (COLA)?
The raters examine the description of each job being evaluated and arrange the jobs in order according to their value to the company
What is JOB EVALUATION RANKING METHOD?
This legislation covers contractors and manufacturers who sell supplies, materials and equipment to the federal government in contracts over $10,000.
What is the WALSH-HEALY ACT OF 1936?
The minimum hourly wage in Missouri ($)
What is $8.60 per hour?
Recognition awards, flextime, training opportunities
What is NON-FINANCIAL COMPENSATION?
The longer you stay, the more they will pay
What is SENIORITY PAY?
Raters assign numerical values to specific job factors, such as knowledge required and the sum of these values provides a quantitative assessment of a job's relative worth
What is the POINT METHOD?
Men and women should receive equal pay for performing equal work
What is the EQUAL PAY ACT OF 1963?
Employees categorized as executive, administrative, professional, or outside salespersons and not required to be paid at an overtime rate for work beyond the completion of standard work hours
What is EXEMPT EMPLOYEES?
PTO, health insurance, life insurance
What is INDIRECT FINANCIAL COMPENSATION?
Merit and incentives are a part of this direct financial compensation component
What is PERFORMANCE-BASED PAY?
Job evaluation method in which classes or grades are defined to describe a group of jobs
What is the CLASSIFICATION METHOD?
Establishes minimum labor standards on a national basis and to eliminate low wages and excessive working hours
What is the FAIR LABOR STANDARDS ACT OF 1938?
Employees not categorized as executive, administrative, professional or outside salespersons and required to receive overtime pay for work beyond the completion of standard work hours
What is NON-EXEMPT EMPLOYEES?
Three structural elements of compensation plans
What are 1) JOB STRUCTURES, 2) COMPETITIVE COMPENSATION POLICIES AND 3) PAY STRUCTURES?
Compensation for developing the flexibility, knowledge and skills to perform a number of jobs effectively
What is PERSON-FOCUSED PAY?
Job evaluation method of job evaluation assumes that there are five universal factors consisting of mental requirements, skills, physical requirements, responsibilities and working conditions
What is the FACTOR COMPARISON METHOD?
The federal minimum wage increased from $6.55 to our current standard in this year
What is 2009?
This law distinguishes between exempt and nonexempt jobs for the purpose of determining which employees are required to be paid an overtime rate of one-and-one-half times the employee's regular rate after 40 hours of work in a consecutive 7-day period
What is the Fair Labor Standards Act of 1938 (FLSA)?