MGHB12H3 Lecture Notes - Lecture 9: Job Evaluation, Collective Bargaining, Equity Theory
Document Summary
Hourly work: work paid on an hourly basis. Piecework: work paid according to the number of units produced. Consumer price index: a measure of the average change in prices over time in a fixed market basket of goods and services. Escalator clauses: clauses in collective agreements that provide for quarterly cost-of-living adjustments in wages, basing the adjustments on changes in the consumer price index. Real wages: wage increases larger than rises in the consumer price index, that is, the real earning power of wages. Job evaluation: a systematic process of determining the relative worth of jobs to establish which jobs should be paid more than others within an organization. Job ranking system: the simplest and oldest system of job evaluation by which jobs are arrayed on the basis of their relative worth. Job classification system: a system of job evaluation in which jobs are classified and grouped according to a series of predetermined wage grades.
