PSY 320 Lecture Notes - Lecture 20: Gender Pay Gap, Employee Retention, Employee Retirement Income Security Act
Document Summary
Fair labor standards act (flsa, 1938) - defines minimum wage, sets overtime rates and identifies exempt job categories (ie. managers, professionals) Equal pay act (era, 1963) - equal pay for equal work. Employee retirement income security act (erisa, 1974) - administration of employer- provided retirement systems. Consolidated omnibus budget reconciliation act (cobra, 1985) - employee retention of health insurance following job loss. Job evaluation - combining job analysis with assessment of job value. Whole job ranking - smes rank order jobs at an organization according to their relative worth. Job factors - identify qualities and requirements of jobs (job analysis) that have monetary value to the organization. Point factor - gets the best results and is the method of choice. More women in low pay jobs, fewer women in high pay jobs. Between nations: industrialized nations have a better quality of life than developing nations. Within nations: income inequality associated with lower happiness in the u. s.
