Final answer:
Merit pay refers to the salary increase awarded based on individual performance. It is distinct from cost-of-living adjustments, bonuses, and profit-sharing plans. Other related concepts include the predictive factor of job satisfaction, the goal of scientific management, and the impact of higher wages on employment and machinery investment by firms.
Step-by-step explanation:
The term referring to any salary increase awarded to an individual employee based on his or her individual performance is merit pay. This type of increase is designed to reward employees who have performed exceptionally well in their roles. Merit pay is distinct from other types of wage adjustments such as cost-of-living adjustments (COLA), which are tied to inflation rates; bonuses, which may be awarded for specific achievements or on a discretionary basis; and profit-sharing plans, which provide employees with a share of the company's profits.
To answer the other related queries: The most strongly predictive factor of overall job satisfaction from the listed options is d. work content. The goal of scientific management was a. to increase workers' efficiency. Lastly, in response to higher wages through union negotiations, firms may invest in more machinery, which can lead to increased productivity, but might also result in hiring fewer workers.