Compensation Components
The type of increase to an employee's base pay either within their current job's salary range or into a new job's salary range as a result of job progression to the next level.
What is a career movement increase or a promotion increase?
The first step in the market pricing process.
What is developing a job description?
The acronym F.R.A.M stands for this.
What is 3 years?
A payment that is taxed at a higher rate and do not increase an employee's base pay but is included in the calculation of 'salary' as defined in the in the FRS retirement plan.
What is a lump sum merit payment?
The recommended number of different survey sources or matches to use in the market pricing process.
What is 3?
The maximum $ amount that an employee can receive in referral awards.
$5000
The measurement of pay that compares an employee's salary to the median target salary.
What is compa ratio?
The standard percentage in which the BOG uses to calculate against salary liability to inform each district of their PROMO budget each year.
What is 1%?
The process in which the Comp team analyzes updated market data each fall to determine salary ranges for the new year.
What is the market movement/ salary structure review process?
The maximum variable pay % that an employee can receive in a given year.
What is 20%?
The cutoff date in which a new employee is made ineligible for merit and year-end variable pay.
What is October 1st?
The standard percentage in which the BOG uses to calculate against salary liability to inform each district of their MERIT budget each year.
What is 3%?
The process in which the Comp team submits internal salary data to vendors for data compilation and aggregation.
What is salary/ compensation survey participation?
The maximum variable pay % that an officer or SP can receive in a given calendar year.
What is 40%?
The three buckets of compensation that the comp team is generally responsible for allocating to divisions.
What is merit, promo, and variable pay?
Employees in these two positions (job profiles) are ineligible to receive variable pay.
What are President and Interns?
The software/ platform in which we use to manage our survey library and our market pricing work.
What is MarketPay?
The total cash compensation (combo of base salary, lump sum merit, retention, signing bonuses, and vp) for any one individual is restricted to this amount.
What is the (board-approved) salary range maximum of the president.
The job architecture framework that is underway and will allow employees the ability to see and understand career paths and mobility opportunities across the system.
What is FedFoundations?