Show Me the Money
This type of pay is earned based on how well an employee performs, such as bonuses or commissions.
What is incentive pay?
A company has positions with job descriptions that have slight variations from their benchmark job, so they must do what process to correct these differences?
What is job leveling?
This type of non-monetary compensation is offered at the will of the company
What are discretionary benefits
What person-focused base pay is based on the time spent with the company?
What is Seniority pay
non monetary compensation
What are benefits
A company gives employees health insurance, paid vacation, and retirement plans. These are all examples of this.
What are benefits?
Benchmark jobs are commonly used to conduct job evaluations, but they are also used to conduct. . what?
What are compensation surveys?
Compensation pay level policy that is above the market pay line
What is market lead compensation?
What system rates and ranks based on performance as well as give pay raises based on performance?
What are comparison systems
Determines the minimum and maximum wadge for each pay grade (vertical dimension)
what is pay range
This compensation strategy pays employees based mainly on their skills, knowledge, or certifications rather than just their job title.
What is skill-based pay?
The framework for recognizing differences in employee contributions
What are pay structures?
Compensation surveys are used to determine an organizations market competitiveness, what are the two sources of compensation survey?
what is public (government BLS) or private (paid custom survey)
What disability term is six months to life?
what is long-term disability
group jobs for pay policy application based on similar compensable factors and value within the horizontal dimension.
what is pay grade
An employee earns $20 per hour and works 45 hours in one week. Under overtime laws, these extra 5 hours are usually paid at this rate.
What is time-and-a-half?
When there is significant overlap between pay ranges
What is pay compression?
The combination of core compensation and employee benefits components that make up an employee’s total compensation package
What is pay mix?
What type of benefit service would provide personal counseling?
What is outplacement assistance services
The halfway mark between the range minimum and maximum rates.
What is the midpoint pay value. (typically matches the market pay line)
This process compares jobs within a company to determine their relative worth and create fair pay structures.
What is job evaluation?
The compensation technique used to compare company pay rates against external labor market wages
What is market pricing?
When an employee offers unique contributions and adds significant value to the company, so they are compensated with a pay rate above their positions pay range.
what is red circle rate
What are the three types of discretionary benefits?
What are protection programs, paid time off, and services.
What are the consequences of pay compression?
what is loss of competitive advantage and doesn't attract qualifies candidates