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1 compensation level
An internal ordered classification that differentiates levels of pay within a compensation structure. -
2 step compensation
"A compensation level structure that defines discrete amounts of pay per level. Pay is described as a specific amount, and frequency is usually expressed as hourly. For example, one step may have ten increasing, specific rates of hourly pay. Pay increases move an employee from one rate to another within a step for a specific reason, such as the length of tenure or improved skills." -
3 fixed compensation plan
"A compensation structure that is used to determine fixed compensation levels (bands, grades, or steps) and the compensation ranges associated with each level. This plan is often used for employees of the same employee type that are within a specific geographical area." -
4 pay grade
"A compensation level structure that defines discrete ranges of pay per level, and are generally defined by hierarchical levels of authority within a company. Jobs are typically evaluated by a point system that places them at a grade relative to others within the company. Pay rates for a grade are typically determined by using equivalent groups of jobs in the marketplace as benchmarks. Graded structures are narrower than bands, and are typically discrete (for example, pay ranges do not overlap). Grade pay ranges have a fixed minimum, midpoint (or control point), and maximum reference points. Compa-ratios and range utilization are measures used to analyze an employee’s pay relative to their range. Companies can set additional reference points for a grade, such as 25th and 75th percentile, and base variable compensation on one of those points." -
5 job market pricing
"A method of determining compensation by comparing individual jobs to market benchmark data for similar jobs in order to identify a value-relative basis. With this method, a specific pay range is associated with an individual job, but not with a compensation level (grade or band). Job market pricing is a feature of broad-banding compensation structures, but not of grades or steps." -
6 control point
"The reference point in a compensation range that represents the intended average pay for all employees at that compensation level. For grade structures, control points are typically, but not always, the range midpoint. Broad band structures can use control points but rarely do." -
7 midpoint
The reference point that is midway between a range minimum and maximum in a graded compensation plan. It represents the intended average pay for all employees at a certain compensation level. -
8 target incentive percent
"A target award that is defined as a percent of a basis and provided in cash or stock according to compensation level. The basis is usually the annualized fixed pay rate, but can also be a midpoint, control point, or other compensation range reference point." -
9 target incentive amount
A target award that is defined as a flat award of cash or stock according to compensation level. -
10 broad band
"A structure of compensation levels that includes broad ranges of pay per level and is generally defined by grouping jobs with similar aggregate levels of responsibility. Pay for individual jobs is often linked to the external market. Bands are also typically differentiated by the variable compensation awards available at each band. Broad banding eliminates the hierarchy and narrow ranges of graded structures and allows ranges to overlap (for example, the 90th percentile of Band B equals the 10th percentile of Band C). Broad bands do not contain midpoints and generally do not have fixed minimums or maximums (for example, allowing pay that is either below a minimum or above a maximum rate within a band because the external market determines a specific job rate). Companies can store additional reference points for a band, such as a 50th percentile (or Control Point), 25th and 75th percentile, and base variable compensation on one of those points."
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