BUSI 642 Chapter Notes - Chapter 10: Internal Revenue Code, Absenteeism, Fair Labor Standards Act
2 Mar 2018
School
Department
Course
Professor
Document Summary
Total compensation: the package of quantifiable rewards an employee receives for his or her labors, components (3, base compensation, pay incentives, indirect compensation/benefits, relative proportion known as pay mix. Base compensation: the fixed pay an employee receives on a regular basis, either in the form of a salary or as an hourly wage. Pay incentive: a program designed to reward employees for good performance. Internal equity: the perceived fairness of the pay structure within a firm. External equity: the perceived fairness in pay relative to what other employers are paying for the same type of labor. Labor market model: wage rate for any given occupation is set at the point where the supply of labor equals the demand for labor in the marketplace. Individual equity: the perceived fairness of individual pay decisions. Fixed pay: rule in the majority of u. s. organizations largely because it reduces the risk to employees and it is easier to administer.
