benchmark job | | element of a job such as a skill, effort, responsibility or working conditions. |
total rewards | | job that is critical to a firms operations |
job evaluation | | Survey aimed at determining prevailing wage rates |
compensable factor | | groups of jobs based on a set of rules for each grade, where jobs are similar in difficulty but otherwise different. often contain non similar jobs such as secretaries, mechanics etc. |
classification/grading method | | reducing the number of salary grades into a few wide levels or bands. |
classes | | integrated package of all rewards |
grades | | Factors are identified the degree to which each of these factors is present in the job is determined and an overall point value is calculated. |
grade/group description | | groups of jobs based on a set of rules for each class, such as amount of judgement, skill, physical effort, usually contain similar jobs. |
point method | | categorizing jobs into groups. |
pay grade | | graphic description of relationship between value of job and avg wage paid. |
wage/salary survery | | written description of level of factors required by jobs in each grade. Used to combine similar jobs grades or classes. |
wage curve | | a rate of pay above the pay range maximum |
broadbanding | | divides jobs into equal value |
red circle pay rate | | systematic comparison to determine relative worth of jobs to a firm. |