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Chapter 5

BUS 272 Chapter 5 Vocab.docx

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Business Administration
BUS 272
Zorana Svedic

BUS 272: Chapter 5 Vocab 1) Variable-pay programs (pg 174) – a reward program in which a portion of an employee’s pay is based on some individual and/or organizational measure of performance 2) Piece-rate pay plan (pg 174) – an individual based incentive plan in which employees are paid a fixed sum for each unit of production completed 3) Merit-based pay plan (pg 175) – an individual-based incentive plan based on performance appraisal ratings 4) Bonus (pg 175) – an individual-based incentive plan that rewards employees for recent performance rather than historical performance 5) Skill-based pay (pg 176) – an individual based incentive plan that sets pay levels on the basis of how many skills employees have or how many jobs they can do 6) Gainsharing (pg 177) – a group-based incentive plan in which improvements in group productivity determine the total amount of money to be shared 7) Profit-sharing Plan (pg 178) – an organization-wide inventive plan in which the mployer shares profits with employees based on a predetermined formula 8) Employee stock ownership plan (ESOP) (pg 178) – a company-established benefit plan in which employees acquire stock as part of their benefits 9) Flexible Benefits (pg 181) – a benefits plan that allows each employee to put together a benefits package individually tailored to his or her own needs and situation 10) Job design (pg 185) – the way the elements in a job are organized 11) Job characteristics model (JCM) (pg 185) – a model that proposes that any job can be described in terms of five core job dimensions: skill variety, task identity, task significance, autonomy and feedback 12) Skill Variety (pg 185) – the degree to which the job requires a variety of different activities 13) Task Identity (pg 186) – the degree to which the job requires completion
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