WGU C202 Managing Human Capital All questions and solutions graded A

Direct 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 benchmark jobs - jobs that tend to exist across departments and across diverse organizations allowing them to be used as a basis for compensation comparisons job evaluation - a systematic process that uses expert judgement to assess differences in value between jobs ranking methos - subjectively compares jobs to each other based on their overall worth to the organization job classification method - subjectively classifies jobs into an exiting hierarchy of grades and categories point factor method - uses a set of compensable factors to determine a job's value. skill, resp, effort, working cond. compensable factor - any characteristic used to provide a basis for judging a job's value