Term
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Definition
| The mix of salary, benefits, and other incentives that employees receive from the organization. |
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Term
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| Compensation where the amount varies across pay periods depending on performance. |
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Term
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Definition
| The extent to which employees can see that their actions influence the outcomes used to determine whether they receive a particular reward. |
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Term
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Definition
| Compensation that is consistent across time periods and not directly dependent on performance level. |
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Term
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Definition
| Rewards other than salary and wages; typically includes things such as retirement savings and insurance. |
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Term
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Definition
| A reward that depends on the performance of the individual employee. |
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Term
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Definition
| A reward that depends on the collective performance of a group of employees. |
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Term
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Definition
| A federal program that requires workers to pay into a retirement fund, from which they will draw when they have reached a certain age. |
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Term
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Definition
| A network of state-mandated insurance plans that provide monetary assistance to workers who lose their jobs through no fault of their own. |
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Definition
| State programs that provide workers and families with compensation for work-related accidents and injuries. |
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Definition
| A benefit plan that meets federal guidelines so that the organization can provide nontaxable benefits to employees. |
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Term
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Definition
| An insurance plan that provides workers with medical services. |
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Term
| Health Maintenance Organization (HMO) |
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Definition
| A health-care plan under which the provider receives a fixed amount for providing necessary services to individuals who are enrolled in the plan. |
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Term
| Health Savings Account (HSA) |
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Definition
| A personal savings account that an employee can use to pay health-care costs. |
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Term
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Definition
| A form of insurance that pays benefits to family members or other beneficiaries when an insured person dies. |
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Term
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Definition
| A form of insurance that provides benefits to individuals who develop mental or physical conditions that prevent them from working. |
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Term
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Definition
| A retirement plan under which an organization provides individuals with a fixed amount of money each month; the amount is usually based on number of years employed and pay level at retirement. |
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Term
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Definition
| Eligible to receive the benefits of a retirement plan; individual employees must often work a certain period of time before such eligibility is granted. |
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Term
| Defined Contribution Plan |
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Definition
| A retirement plan under which the employer and/or the employee contribute to a fund for which only the contributions are defined and benefits vary according to the amount accumulated in the fund at retirement. |
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Term
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Definition
| Compensation paid for time off, such as holidays. |
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Term
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Definition
| Compensation paid to employees who are unable to work because they are ill. |
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Term
| Flexible benefit program, or cafeteria benefits |
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Definition
| A benefit program that allows employees to choose the benefits they want from a list of available benefits. |
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Term
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Definition
| An individual incentive program in which each employee is paid a certain amount for each piece of output. |
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Term
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Definition
| Target compensation for a job, which is determined in comparison to the wage that similar employees are being paid by other organizations |
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Term
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Definition
| The rate of pay that an employee receives for producing an average number of output units. |
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Term
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Definition
| An individual incentive program in which each employee is paid a percentage of the sales revenue that he or she generates. |
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Term
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Definition
| A group-level incentive provided to members of a team when the team meets or exceeds a specific goal. |
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Term
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Definition
| A group-level incentive provided to members of a team when a supervisor observes high collective performance. |
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Term
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Definition
| A group-level incentive program that rewards groups of employees for working together to reduce costs and improve productivity. |
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Term
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Definition
| An organization-wide incentive program under which a portion of organizational profits are shared with employees. |
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Term
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Definition
| An incentive plan that gives employees company stock, providing the employees with an ownership interest in the organization. |
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Term
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Definition
| Right to purchase stock at a specified price in the future. |
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Term
| Employee Stock Ownership Plan (ESOP) |
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Definition
| A plan under which an organization sets up a trust fund to hold and manage company stock given to employees. |
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