What are salary bands?
Salary bands, also known as pay ranges or pay scales, are ranges of salaries for specific job positions. Organizations use them as part of their compensation management strategy.
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What is job pricing?
Job pricing is how you establish the right compensation or salary for a specific job within an organization.
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What is on-demand pay?
On-demand pay is a way for people to receive payment for their work as they earn it, rather than waiting for the end of the current payroll cycle.
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What is a salary freeze?
A salary freeze, also known as a pay freeze, is when a business makes the difficult decision to suspend salary increases or merit increases for a certain period of time.
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What is a performance-based bonus?
A performance-based bonus is an extra compensation granted to a team member as a reward for reaching pre-established goals and benchmarks.
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What is a compensation plan?
A compensation plan is a payment package designed to attract and retain employees. A basic compensation package consists solely of a salary or wages. A more comprehensive compensation package could include additional benefits such as bonuses, perks, commission, health insurance, or retirement investments. Compensation plans involve offering fair and competitive payments that simultaneously align with the company budget and promote business success. https://www.youtube.com/watch?v=xdicz6u06ro&list=PLy3JTofSJZvst0HUOnqPHjl_88eIVlvaN&index=3 What are the different types of compensation? It's critical to build your compensation plan according to your budget and resources. This is especially important when structuring a…
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What are the objectives of compensation management?
The objectives of compensation management are to attract, engage, and retain employees through competitive compensation plans that align with the company budget, corresponding job-market, and government regulations.
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What are supplemental wages?
Supplemental wages are a form of compensation employers offer in addition to base income. While base pay consists of hourly wages or a monthly salary, supplemental pay includes earnings such as severance pay, bonuses, commission, overtime pay, vacation and sick pay, reported tips, and sick leave payments.
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What is pay parity?
Pay parity is the practice of paying people equitably. This means that those in the same job and location receive fair pay relative to each other regardless of their race, gender, sexuality, or any other identity. Specifically, the term refers to an effort to erase the gender pay gap between men and women in which women make, on average, less than men.
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What are paid holidays?
Paid holidays are days of festivity or recreation when people can take a paid day off. These may be state, national, or religious holidays. US federal law does not require employers to pay their people for holiday days.
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What is a merit increase?
A merit increase is a salary raise granted to an employee for outstanding work performance or achievements. Eligibility for a merit increase is based on a company’s budget, internal criteria, merit metrics system, and the employee’s value in the job market.
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What is compensation management?
Compensation management is the process of managing analyzing and determining the salary, incentives, and benefits each employee receives.
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What are gross wages?
Gross wages refer to the amount of money earned before taxes are withheld from a paycheck and are the monthly salary people agree to when accepting a job. On a pay stub, gross wages are at the bottom of the page—usually in a larger font.
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What is time in lieu?
Time in lieu, also referred to as time off in lieu or TOIL, is when a person takes time off as an alternative to pay for overtime hours. It is a specific type of benefit employers can offer, creating a more flexible workforce.
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What is the gender pay gap?
A gender pay gap is a difference in pay between men's and women’s average salaries.
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What is a leave of absence?
A leave of absence (LOA) is time people can take off from work for extraordinary circumstances. If a company's policies concerning time off, sick leave, vacation, and holidays cover LOA, then the team member on leave can receive payment. Otherwise, the leave of absence is unpaid. While companies may not always compensate people for a leave of absence, they do provide protective benefits, and the person on leave can access their health insurance and accrue vacation days.
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