Market Pricing
The percentage premium or discount that can be applied to an individual market data match or an entire composite to better reflect the scope and responsibilities of an organizational job.
What is Adjustment?
The classes or levels grouping jobs of similar value.
What are Job Grades?
The general wage change affecting most employees?
What is Annual Salary Increase?
The subgroup against which all others are compared.
What is Baseline?
The additional monetary benefit over base salary.
What is an Allowance?
The annual rate by which survey data is adjusted for future dates.
What is Aging Factor?
The middle value in ordered data (50th percentile).
What is Median?
The Difference in pay for a job across locations?
What is Cost of Labor?
The employee paid unusually compared to expected pay.
What is an Outlier?
The compensation in addition to normal wage.
What is a Bonus?
The job matching comparison used to match or price jobs using market data.
What is Benchmarking?
The difference between midpoints of adjacent grades.
What is Midpoint Differential?
The employees not subject to FLSA overtime and minimum wage.
What is Exempt?
The adjustment to correct inequity.
What is Pay Remediation?
The additional pay for less-desirable shifts.
What is Shift Differential?
The total hours an employee works compared to a standard workweek.
What is Full-Time Equivalent (FTE)?
The exact middle of a salary range.
What is Range Midpoint?
The fair pay relative to other employees.
What is Internal Equity?
The measure of how far pay deviates from modelled pay.
What is Standard Deviation?
The industry, size, and location where organizations compete for talent.
What is Labor Market?
The industry, size, location, or other data cuts collected by surveys.
What is Scope?
The distance between minimum and maximum salary values.
What is Range Width?
The level of compensation information shared with employees.
What is Pay Transparency?
The difference between non-baseline and baseline pay.
What is Uncontrolled Pay Gap?
The guiding principles governing pay policy.
What is Compensation Philosophy?