A personnel system that collapses numerous pay ranges and classifications into a smaller number of broader pay ranges and classifications, offering an organization high flexibility and responsiveness in salary and job grouping.
Compensatory time, often referred to as comp time, is time off that an employee is allowed to take in lieu of overtime pay.
A deferred wage increase involves delaying the implementation of a wage increase until a later date. In collective bargaining, it serves as a concessionary labor tactic for winning a wage increase from management.
A wage program where wages rise with productivity increases above an established standard, incentivizing individual or group performance.
A Phantom Stock Plan is a type of deferred-compensation plan that uses the employer's stock as a basis for determining the value of the compensation payment. It provides employees with the benefits of stock ownership without actually awarding them any company stock.
The administrative procedure of establishing and supervising wage levels and operations within an organization to ensure fair compensation practices.
