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Flashcards in Midterm Deck (48)
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1

classical managerial strategy

an approach management that assumes most employees inherently dislike work but can be induced to work in order to satisfy their economic needs

2

compensation strategy

the plan for the mix and total amount of base pay, performance pay, and indirect pay to be paid to various categories of employees

3

competency-based pay

pay that is based on the characteristics, rather than the performance, of individual employees; usually applied to managerial or professional employees

4

contingent workers

workers not employed on a permanent full time basis

5

defender corporate strategy

focusing on dominating a narrow product or service market segment

6

employee stock bonus plan

a plan through which employees receive shares in their employer firm at no cost to the employee

7

employee stock plan

any type of plan through which employees acquire shares in the firm that employs them

8

employment standards legislation

legislation that sets minimum standards for pay and other conditions of employment

9

high involvement managerial strategy

an approach to management that assumes that work can be intrinsically motivating if the organization is structured properly

10

human relations managerial strategy

an approach to management that assumes most employees inherently dislike work but can be induced to work in order to satisfy their social needs

11

human rights legislation

legislation that prohibits discrimination in hiring or employment on the basis of race, ethnic origin, religion, gender, marital status, or age

12

indirect pay

non cash items or services that satisfy a variety of specific employee needs, sometimes knows as "employee benefits"

13

labour market constraints

constraints on compensation strategy flowing from the relative levels of demand and supply for particular occupational groups

14

membership behavior

occurs when employees decide to join and remain with a firm

15

merit raise

an increase to an employees base pay in recognition of good job performance

16

organizational citizenship beahavior

occurs when employees voluntarily undertake special behaviors beneficial to the organization

17

organizational commitment

the strength of the individuals attachment to his or her organiztion

18

organizational identification

a sense of shared goals and belongingness, and the desire to remain a member of the organization

19

pay-for-knowledge system

establishing base pay according to the total value of the skills and competencies an employee has acquired

20

piece rates

a pay system under which individuals receive a specified sum of money for each unit of output they produce or process

21

product/service market constraints

constraints on compensation strategy caused by the nature of the product or service market in which the firm operates

22

prospector corporate strategy

focuses on identifying and exploiting new opportunities quickly

23

reward

anything provided by the job or the organization that satisfies an employee need

24

reward strategy

the plan for the mix of rewards to be provided to members, along with the means through which they will be provided

25

reward system

the mix of intrinsic and extrinsic rewards that an organization provides to its members

26

sales commission

pay that is geared to the dollar volume of sales or transactions conducted

27

skill block

the basic component of a skill based pay system, containing a bundle of skills or knowledge necessary to carry out a specific production or service delivery task

28

skill certification

the testing process that determines whether an individual has masted a given skill block and should be granted the pay raise associated with that skill block

29

total rewards

a compensation philosophy that considers the entire spectrum of rewards that an organization may offer to employees

30

work motivation

the attitude one holds toward good job performance