Understanding Organizational Pay Structures: Definitions and Concepts, Quizzes of Human Resource Management

Download Understanding Organizational Pay Structures: Definitions and Concepts and more Quizzes Human Resource Management in PDF only on Docsity! TERM 1 job structure DEFINITION 1 the relative pay for different jobs within the organization TERM 2 pay level DEFINITION 2 the average amount (including wages, saleries, and bonuses) the organization pays for a particular job TERM 3 pay structure DEFINITION 3 the pay policy resulting from job structure and pay level decisions TERM 4 minimum wage DEFINITION 4 the lowest amount that employers may pay under federal or state law, stated as an amount of pay per hour TERM 5 Fair Labor Standards Act (FLSA) DEFINITION 5 Federal law that establishes a minimum wage and requirements for overtime and pay and child labor TERM 6 exempt employees DEFINITION 6 managers outside salespeople, and any other employees not covered by the FLSA requirement for overtime pay TERM 7 nonexempt employees DEFINITION 7 employees covered by the FLSA requirements for overtime pay TERM 8 benchmarking DEFINITION 8 a procedure in which an organization compares its own practices against those of successful competitors TERM 9 job evaluation DEFINITION 9 an administrative procedure for measuring the relative internal worth of the organization's jobs TERM 10 hourly wage DEFINITION 10 rate of pay for each hour worked