Base Pay
Employees earn pay for each hour worked
Hourly pay
Measure the purchasing power of a dollar
Real hourly compensation
Length of time an employee has been associated with the company
Seniority
Pay increase added to employees base pay based on their level of performance
Merit pay
Job-based pay
Earn money for doing job regardless of how long they work
Salary
Face value of a dollar
Nominal hourly compensation
Pay program in which pay increases are based on length of service
Seniority pay
Compensation other than base wages or salaries that fluctuates according to employees attainment of a standard
Incentive pay
System that compensates employees for their job related skills and knowledge, not their job titles
Skill-based pay
Monetary compensation employees earn on a regular basis
Base pay
Represents periodic base pay increases that are founded on changes in prices as recorded by the CPI
COLA
Sets of collective skills, knowledge, and ability employees can apply to create economic value for their employers
Human capital
Plan made for specific individuals to convince them to work more
Individual incentive plans
Compensation for developing the flexibility, knowledge, and skills to perform a number of jobs effectively
Person focused pay
Team gets rewarded if they do well together :)
Group incentive plans
ALL employees receive a share of company profits for performing well
Company incentive plans