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Compensation Management
The process of managing employee compensation, including salary, benefits, and incentives.
Internal Equity
Perceived equity of a pay system within an organization.
External Equity
Perceived fairness of pay compared to what other employers pay for similar jobs.
Pay Equity Challenges
Issues that arise when ensuring fair pay among employees and across organizations.
Job Ranking
A method where jobs are subjectively ranked in order of importance relative to one another.
Job Grading
Grouping jobs into categories that describe their relative worth within an organization.
Point System
A job evaluation system that assesses the relative importance of a job's key factors.
Pay for Performance
Incentive pay directly tied to an employee's performance or productivity.
Individual Incentive Plans
Compensation plans that reward individual performance, such as piecework.
Team Incentives
Compensation plans that reward group performance and encourage cooperation.
Total Rewards
The complete package of compensation, benefits, and other perks offered to employees.
Legally Required Benefits
Benefits mandated by law, such as pension plans and workers' compensation.
Voluntary Benefits
Additional benefits offered by employers, such as health insurance and paid time off.
Benefits Management
Administration and planning of employee benefits to attract and retain talent.
Equity in Pay
The principle that employees should receive equal pay for equal work or work of equal value.
Ethics in Compensation
The moral principles that govern how compensation is administered and perceived in the workplace.
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