WGU C202 Managing Human Capital All(verified)2023

WGU C202 Managing Human Capital All(verified)2023Direct financial compensation compensation received in the form of salary, wages, commissions, stock options or bonuses indirect financial compensation all the tangible and financially valued rewards that are not included in direct compensation including free meals, vacation time and health insurance nonfinancial compensation rewards and incentives given to employees that aren't financial in nature base pay reflects the size and scope of an employee's responsibilities severance pay give to employees upon termination of their employment fixed pay pays employees a set amount regardless of performance variable pay bases some or all of an employee's compensation on employee, team, or organizational pay structure the array of pay rates for different work or skills within a single organization pay mix the relative emphasis give to different compensation components pay leader organization with a compensation policy of giving employees greater rewards than competitors pay follower an organization that pays its front-line employees as little as possible resource dependence theory proposition that organizational decisions are influenced by both internal and external agents who control critical resources wage differentials differences in wage between various workers, groups of workers, or workers within a career field labor market all of the potential employees located within a geographic area from which the organization might be able to hire cost of living allowances clauses in union contacts that automatically increase wages base on the U.S. Bureau of Labor Statistics' cost of living index market pricing uses external sources of information about how others are compensating a certain position to assign value to a company's similar job Compensation surveys surveys of other organizations conducted to learn what they are paying for specific jobs or job classes