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Financial Incentives
Rewards paid to workers whose production exceeds some
predetermined standard
TERM 2
Fair Day's
Work
DEFINITION 2
Output devised based on careful scientific analysis
TERM 3
Scientific Management
DEFINITION 3
Management approach based on improvising work methods
through observation and analysis
TERM 4
Expectancy
DEFINITION 4
expectation that a person's effort will lead to better
performance
TERM 5
Instrumentality
DEFINITION 5
Perceived relationships between successful performance and
obtaining the reward
Valence
perceived value a person attaches to a reward
TERM 7
Behavior
Modification
DEFINITION 7
Using contingent rewards or punishment to change behavior
TERM 8
Variable Pay
DEFINITION 8
Any plan that ties pay to productivity or profitability usually
as one lump sum payments
TERM 9
Piecework
DEFINITION 9
A system of pay based on the number of items processed by
each individual worker
TERM 10
Straight Piecework
DEFINITION 10
An incentive plan that pays an employee for how many of
each item he or she sells with a strict proportionality
between results and rewards
Scanlon Plan
Incentive plan made by Joseph Scanlon designed to
encourage cooperation and sharing of benefits
TERM 17
Gain Sharing Plan
DEFINITION 17
Engages employees in a common effort to achieve
productivity objectives and share the gains
TERM 18
At risk variable Pay plan
DEFINITION 18
Plans that put some portion of the employees weekly pay at
risk
TERM 19
Annual Bonus
DEFINITION 19
Plans that are designed to motivate short term performance
TERM 20
Stock Option
DEFINITION 20
The right to purchase a stated number of shares of a
company's stock at today's price.
Golden Parachutes
Payments companies make in connection with a change in
ownership or control of a company
TERM 22
Benefits
DEFINITION 22
Indirect financial and non financial payments employees
receive for staying with a certain company
TERM 23
Supplemental Pay
Benefits
DEFINITION 23
Benefits for time not worked such as unemployment
insurance
TERM 24
Sick Leave
DEFINITION 24
Provides money to employee when out sick
TERM 25
Severance Pay
DEFINITION 25
A one time payment some employers pay when employee is
terminated
Group Life
Insurance
Provides lower rates for the employer or employee
regardless of health or physical condition
TERM 32
Social Security
DEFINITION 32
Provides different kinds of benefits Retirement income at age
62, Survivor or death benefits, and payment to disable
employees
TERM 33
Pension Plans
DEFINITION 33
Plans that provide a fixed sum when employees reach a
predetermined retirement age
TERM 34
Defined Benefit PensionPlan
DEFINITION 34
Contains formula for determining retirement benefits
TERM 35
Early Retirement Plan
DEFINITION 35
Offering where employees are encouraged to retire early
Employee Assistance Program
A formal employer program for providing employees with
counseling for drugs, alcohol, and depression
TERM 37
Family-Friendly
Benefits
DEFINITION 37
Benefits such as child care and fitness facilities that make it
easier to balance work and family
TERM 38
Flextime
DEFINITION 38
A work schedule in which employees workdays are built
around a care of mid day hours
TERM 39
Compressed workweek
DEFINITION 39
Schedule in which employees works fewer but longer days
each week
TERM 40
Job Sharing
DEFINITION 40
Allows two or more people to share a full time job