CH 8 Flashcards
living wage
standard of living.
just noticeable difference (JND)
The amount of pay increase necessary to be considered significant by employees receiving the increase.
range spread
The difference between the maximum and the minimum pay level, in dollars, for a given pay range.
pay range
The minimum and maximum pay rates (in dollars) for jobs in a particular pay grade.
base pay structure
The structure of pay grades and pay ranges, along with the criteria for movement within pay ranges, that applies to base pay.
pay policy line
The intended pay policy for the organization, generated by adjusting the market line for the intended pay level strategy of the organization.
market line
A regression line that relates job evaluation points to market pay (in dollars) for the benchmark jobs.
market comparator job
A job in the market data that matches a benchmark job within the firm’s job evaluation system
benchmark job
A job in the firm’s job evaluation system for which there is a good match in the labour market data.
compensable factors
Characteristics of jobs that differentiate jobs from one another.
Skill/Effort/Responsibility/
Working Conditions
