statistical terms
Arithmetic average is the average value arrived at by giving equal weight to every participants actual pay, also known as unweighted average.
What is mean?
technique used to make outdated data current, a phenomenon that regularly occurs as a result of time lapsed between when the data is collected, organized, printed & published.
What is aging?
dispersion of pay from lowest to highest of a pay range
What is range spreads?
pay is determined by employee's output
What is productivity based system?
employees called to work under adverse conditions either caused by environment or due to circumstances, putting employee at health or safety risk
What is hazard pay?
listing of grouped pay data from lowest to highest
What is frequency distribution?
employee is being paid below minimum
What is green circle?
common reference points an organization uses to measure it's pay position against market & internal equity
What is quartiles & percentiles?
based on employee's individual job performance
What is performance based merit pay system?
employees who work hours normally considered undesirable, IE, night shift, may be paid this
What is time based differential pay?
Middle number in a range; also referred to in pay surveys as 50th percentile
What is median?
benchmark job description is close but not exact, so to accommodate this separation between the 2 jobs, this technique is used to achieve a better match
What is Leveling?
jobs are grouped the way an organization organizes similar values as a result of job analysis & are of same or comparatively same value, paid within the same pay grade
What are pay grades?
each worker in same job has same pay rate of pay regardless of seniority or job performance; typically elected public sector jobs or union setting
What is single or flat rate system?
Under Portal to Portal act, hourly (non exempt) employee's normal commute time to first work location of day is not compensable but time traveling from additional work locations may qualify for this
What is travel pay?
average result by consideration number of participants & each participant's pay
What is weighted average (or mean)?
employee exceed maximum of pay range
What is red circle?
pay increase given to all employees on the basis of market pressure, usually measured consumer price index (CPI), measure of price of good & services in a given area over a period of time
What are Cost of Living Adjustments (COLAs)?
similar to automatic system except that performance can influence the size or timing of pay increase
What is step rate with performance considerations?
pay awarded when employees work on holidays
What is premium pay?
most frequently appearing number
What is mode?
determine percent difference in job value for a given location to be factored into the comparison of an organization's job with a survey job
What is geography or market?
establish upper & lower boundaries of each pay grade
What are pay ranges?
pay range is divided into several steps, each a pre-determined rang apart, typically prescribed time interval, w/ reference to seniority; common in union & public sector jobs
What is automatic step rate system?
Fair Labor Standards Act (FLSA) requires non exempt employees to be paid 1.5 times their regular rate of pay when they work more than 40 hours/week
What is over time (OT) pay?