Key Terms

  1. base compensation , 287

  2. benchmark or key job , 307

  3. comparable worth , 314

  4. compensable factors , 304

  5. egalitarian pay system , 296

  6. elitist pay system , 296

  7. exempt employee , 313

  8. external equity , 289

  9. Fair Labor Standards Act (FLSA) , 312

  10. individual equity , 290

  11. internal equity , 289

  12. Internal Revenue Code (IRC) , 315

  13. job banding , 309

  14. job evaluation , 302

  15. job hierarchy , 305

  16. knowledge-based pay or skill-based pay , 294

  17. nonexempt employee , 313

  18. pay grades , 300

  19. pay incentive , 287

  20. pay policy , 308

  21. total compensation , 287

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