compensation philosophy
Short but broad statement documenting an organization's guiding principles and core values about employee
... [Show More] compensation.
pay structure
the framework that describes the job categories and pay ranges for all positions within the organization
Brainpower
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wage band
the minimum and maximum pay rate for each position within the organization
Quantitative methods for job evaluation
Quantitative job evaluation methods evaluate specific factors on a scale and provide a score that indicates how valuable one job is compared to another.
Qualitative methods for job evaluation
"Whole job" methods, where jobs are placed in order based on their level of importance to the organization.
Remuneration
all forms of cash and non-cash compensation, including wages, benefits, bonuses, and incentives
remuneration survey
the instrument used to collect information from the prevailing market to build competitive TR packages
Base Pay
the rate at which an employee is paid and does not include bonuses or benefits
pay range
minimum and maximum base pay rate for a position
starting pay rate
the rate within the range an employee is paid at the start of employment
Paid Time Off (PTO)
A benefit an employee accrues that allows the employee to take time off for personal and other days without losing a day's wage.
Variable Compensation
compensation that is calculated based on performance, such as piece rate or commissions
Deferred Compensation
pay and other benefits that are earned but set aside for payment at another time
Stock Options
a form of equity ownership for employees in a publicly traded companies.
Red-Circled Employees
incumbent who is paid above the range set for a job
Green-Circled Employees
incumbent who is paid below the range set for a job
Pay compression
Occurs when there is only a small difference in pay between employees regardless of their experience, skills, level, or seniority; also known as salary compression.
Commissions
incentive pay calculated as a percentage of sales
Severance Pay
a sum of money for which an employee is eligible upon termination
Severance agreements
a risk management tool in which the employer pays the employee a flat amount in exchange for agreeing not to sue
Pay transparency
a policy of disclosing pay information
benefits
Compensation in forms other than direct payment
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