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Chapter 10 - Flashcards

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Class:MGT 320 - Human Resource Management
Subject:Management
University:Central Michigan University
Term:Fall 2011
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Indirect Financial Compensation(Benefits) All financial rewards that are not included in direct financial compensation
Discretionary Benefits Benefit payments made as a result of unilateral management decisions in nonunion firms and from labor-management negotiations in unionized firms.
Paid Time Off(PTO) Means of dealing with the problem of unscheduled absences by providing a certain number of days each year that employees can use for any purpose.
Sabbaticals Temporary leaves of avscence from an organization, usually at reduced pay.
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Health Maintenance Organization (HMO) Managed-care health organization that covers all services for a fixed fee but exercises control over which doctors and hleath facilities a member may use.
Preferred Provider Organization (PPO) Managed-care health organization in which incentives are provided to members to use services within the system; out-of-network providers may be used at greater cost.
Point-Of-Service (POS) Managed-care health organization that requires a primary care physicican and referrals to see specialists, as with HMOs, but permits out-of-network health care access.
Exclusive Provider Organization (EPO) Managed-care health organization that offers a smaller prferred provider network and usually provides few, if any, benefits when an out-of-network provider is used.
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Health Savings Account (HSA) Tax-free health spending and savings accounts available to individuals and families who have qualified high-deductible health insurance policies as determined by IRS regulation.
Flexible Spending Account (FSA) Benefit plan established by employers that allows employees to deposit a certain portion of their salary into an account (before paying income taxes) to be used for eligible expenses.
Defined Benefit Plan Retirement plan that provides the participant with a fixed benefit upon retirement.
Defined Contribution Plan retirement plan that requires specific contributions by an employer to a retirement or savings fund established for the employee.
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401(k) plan Defined contribution plan in which employees may defer income up to a maximum amount allowed.
Cash Balance Plan Retirement plan with elements of both defined benefit and defined contribution plans.
Employee Stock Option Plan (ESOP) Defined contribution plan in which a firm contributes stock shares to a trust.
Relocation Benefits Company-paid shipments of household goods and temporary living expenses, covering all or a portion of the real estate costs associated with buying a new home and selling the previous occupied home.
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Premium Pay Compensation paid to employees for working long periods of time or working under dangerous or undesirable conditions.
Hazard Pay Additional pay provided to employees who work under extremely dangerous conditions.
Shift Differential Additional money paid to employees for the inconvenience of working less-desirable hours.
Voluntary Benefits Benefits which are 100 percent paid by the employee but the employer typically pays the administrative cost.
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Customized Benefit Plan benefit plan that permits employees to make yearly selections to largely determine their benefit package by choosing between taxable cash and numerous benefits.
Flextime Practice of permitting employees to choose their own working hours, within certain limitations.
Compressed Work Week Any arrangement of work hours that permits employees to fulfill their work obligation in fewer days than the typical five-day work week.
Job Sharing Two part-time people split the duties of one job in some agreed-on manner and are paid according to their contributions.
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Telecommuting Work arrangement whereby employees, called "teleworkers" or "telecommuters," are able to remain at home (or otherwise away from the office) and perform their work using computers and other electronic devices that connect them with their offices.
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 Indirect Financial Compensation(Benefits)All financial rewards that are not included in direct financial compensation
 Discretionary BenefitsBenefit payments made as a result of unilateral management decisions in nonunion firms and from labor-management negotiations in unionized firms.
 Paid Time Off(PTO)Means of dealing with the problem of unscheduled absences by providing a certain number of days each year that employees can use for any purpose.
 SabbaticalsTemporary leaves of avscence from an organization, usually at reduced pay.
 Health Maintenance Organization (HMO)Managed-care health organization that covers all services for a fixed fee but exercises control over which doctors and hleath facilities a member may use.
 Preferred Provider Organization (PPO)Managed-care health organization in which incentives are provided to members to use services within the system; out-of-network providers may be used at greater cost.
 Point-Of-Service (POS)Managed-care health organization that requires a primary care physicican and referrals to see specialists, as with HMOs, but permits out-of-network health care access.
 Exclusive Provider Organization (EPO)Managed-care health organization that offers a smaller prferred provider network and usually provides few, if any, benefits when an out-of-network provider is used.
 Health Savings Account (HSA)Tax-free health spending and savings accounts available to individuals and families who have qualified high-deductible health insurance policies as determined by IRS regulation.
 Flexible Spending Account (FSA)Benefit plan established by employers that allows employees to deposit a certain portion of their salary into an account (before paying income taxes) to be used for eligible expenses.
 Defined Benefit PlanRetirement plan that provides the participant with a fixed benefit upon retirement.
 Defined Contribution Planretirement plan that requires specific contributions by an employer to a retirement or savings fund established for the employee.
 401(k) planDefined contribution plan in which employees may defer income up to a maximum amount allowed.
 Cash Balance PlanRetirement plan with elements of both defined benefit and defined contribution plans.
 Employee Stock Option Plan (ESOP)Defined contribution plan in which a firm contributes stock shares to a trust.
 Relocation BenefitsCompany-paid shipments of household goods and temporary living expenses, covering all or a portion of the real estate costs associated with buying a new home and selling the previous occupied home.
 Premium PayCompensation paid to employees for working long periods of time or working under dangerous or undesirable conditions.
 Hazard PayAdditional pay provided to employees who work under extremely dangerous conditions.
 Shift DifferentialAdditional money paid to employees for the inconvenience of working less-desirable hours.
 Voluntary BenefitsBenefits which are 100 percent paid by the employee but the employer typically pays the administrative cost.
 Customized Benefit Planbenefit plan that permits employees to make yearly selections to largely determine their benefit package by choosing between taxable cash and numerous benefits.
 FlextimePractice of permitting employees to choose their own working hours, within certain limitations.
 Compressed Work WeekAny arrangement of work hours that permits employees to fulfill their work obligation in fewer days than the typical five-day work week.
 Job SharingTwo part-time people split the duties of one job in some agreed-on manner and are paid according to their contributions.
 TelecommutingWork arrangement whereby employees, called "teleworkers" or "telecommuters," are able to remain at home (or otherwise away from the office) and perform their work using computers and other electronic devices that connect them with their offices.
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