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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Compensation management is the process of managing analyzing and determining the salary, incentives, and benefits each employee receives.
Employee turnover is an HR metric that measures the rate at which employees leave their jobs, voluntarily or involuntarily, over a specific duration of time.
Seasonal employment is a type of temporary employment in which the person works during certain times of the year. It is typically part-time, but there are also full-time, seasonal positions. Businesses that open only during certain parts of the year, like summer camps, hire seasonal employees. Other examples of companies that hire seasonal employees are those that need extra help during peak times, such as the holiday season.
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.
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.
Leased employees are people who receive compensation from a staffing agency to perform work for a recipient company. Recipient companies generally bring in leased employees to fulfill a temporary position or complete a specific project.
A gender pay gap is a difference in pay between men's and women’s average salaries.
A talent acquisition specialist is an HR professional who specializes in finding the right people to fill open roles, especially those that require specialized skill sets. Talent acquisition specialists often work in fast-moving industries that compete for highly-skilled talent.
Temporary employees are people a company hires for a limited period of time or to complete a particular project. Companies can hire temporary employees directly or through a temp agency.
Gen Z is short for “Generation Z,” the generation born between 1995 and 2012. Currently constituting 27 percent of the United States population, Gen Z is the largest generation in US history. They are also the most racially and ethnically diverse of all of the generation groups.
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.
Talent acquisition is an HR process that involves sourcing and hiring suitable candidates for a company’s current and future labor needs.
“Employee type” refers to different kinds of employees an organization can hire. Organizations must consider the legal obligations and regulations applied to each type of employee.
A statutory employee is designated by the United States IRS as a unique type of employee somewhere between an independent contractor and a standard employee. You can think of statutory employees as having more freedom than a common law employee but less control than an independent contractor. An individual must agree to this standing with their employer upon hiring and sign a service contract outlining the conditions.
An employee retention strategy is a calculated approach to keeping people motivated to work at their jobs. In the current job-hopping culture, people are often on the lookout for better work situations, unless they’re happy at their jobs.