Specific coverage for Set 1

is the amount of money a salaried employee regularly earns before any additions or deductions are applied to their earnings.

• Compensable factors

• Pay compression

• Job Evaluation

• Base pay

is the initial salary paid to an employee, not including any benefits, bonuses, or raises. It is the rate of compensation an employee receives in exchange for services. An employee's ________ can be expressed as an hourly rate or weekly, monthly, or annual salary.

• Base pay

• Job Evaluation

• Pay compression

• Compensable factors

is a systematic way of determining the value/worth of a job in relation to other jobs in an organization. It tries to make a systematic comparison between jobs to assess their relative worth for the purpose of establishing a rational pay structure.

• Base pay

• Job Evaluation

• Pay compression

• Compensable factors

____________ is a compensation issue that develops over time. Also referred to as wage or salary compression, it occurs when there's little difference in pay between employees regardless of differences in their respective knowledge, skills, experience or abilities.

• Base pay

• Job Evaluation

• Pay compression

• Compensable factors

include effort, skill needed in order to perform a job, and responsibility. These factors are used to establish job worth when creating a job hierarchy in order to set a wage structure.

• Compensable factors

• Pay compression

• Job Evaluation

• Base pay

include skills, licenses, certifications, years of experience, educational requirements, working conditions, reporting structures, managerial responsibilities, and other factors that can impact the price of a job in a given pay market.

• Compensable factors

• Pay compression

• Job Evaluation

• Base pay

a payment usually of money for labor or services usually according to contract and on an hourly, daily, or piecework basis —often used in plural.

• Wages

• Variable pay

• Compensable factors

• Pay compression

the share of the national product attributable to labor as a factor in production.

• wages plural

• Variable pay

• Compensable factors

• wages

is an incentive on top of a base salary that's used to motivate and retain employees. __________ is based on employee performance. When a salesperson meets or exceeds their quota, ____________ gives them a boost to their salary.

• Variable pay

• Compensable factors

• Pay compression

• Base pay

Examples of _________ - programs include annual incentives or bonus payments; individual incentive plans; lump-sum payments; technical achievement awards; cash profit-sharing plans; small group incentives; gainsharing; and payments for newly acquired skill and knowledge.

• Variable pay

• Wages

• Base pay

• Pay compression