Match the key terms to their correct definition.

Please note that there is only one correct definition for each key term listed.

Group of answer choices

Team$-$based compensation

A motivation system that rewards all facility members based on how well the entire group performed.

Extrinsic rewards

Rewards one gets from the employer, usually money, a promotion, or benefits.

Compensation administration

The process of managing a company$$s compensation program.

Ordering method

Pay based on how well the team performed.

Fair Labor Standards Act

Passed in $1938,$ this act established laws outlining minimum wage, overtime pay, and maximum hour requirement for most U$.$S$.$ workers.

Performance$-$based rewards

Rewards exemplified by the use of commissions, piecework pay plans, incentive systems, group bonuses, or other forms of merit pay.

Wage structure

Wage adjustment linked to cost of living to maintain standards of living for an expatriate employee.

Differential

Evaluating jobs based on pre$-$determined job grades.

Organization$-$wide incentive

A motivation system that rewards all facility members based on how well the entire group performed.

Classification method

Ranking job worth from highest to lowest.

Equal Pay Act

Passed in $1963,$ this act mandates that organizations compensate men and women doing the same job in the organization with the same rate of pay.

Merit pay

An increase in one$$s pay, based on performance, that is usually given on an annual basis

Golden parachute

A financial protection plan for executives in case they are severed from the organization.

Compensation surveys

Used to gather factual data on pay practices among firms and companies within specific communities.

Exempt

A professional employee whose job category is not required to meet FLSA standards, especially in the area of overtime pay.