Compensation & Performance Glossary

 

Comparison Markets/Peer Groups

Defines groups of institutions/organizations and/or geographies for market assessment purposes. Comparison markets are comprised based on where the institution competes for talent, and may vary by type of job. Markets may include higher education institutions as well as general industry organizations for jobs that also exist outside of higher education.

 

Compensation Philosophy

A philosophy adopted by an institution that serves as a foundation for total rewards plans and decisions.

Developmental Goal

A relevant, measurable, time-bound statement that describes how to improve the perforamnce of an essential job function by building professional knowledge, skills, and effective working practics.  In setting developmental goals, keep in mind your career aspirations.

Specific, achievable action(s) to accomplish your developmental goal.

Functional Goal

A releveant, measurable, time-bound statement that describes how to effectively carry out an essential job function.

Functional Task

Specific, achievable action(s) to accomplish your functional goal.

Job

 A generic role within an institution which is independent of any single individual.

Job Analysis Questionnaire

 

 

A tool that gathers essential functions for use in the creation or revision of a job description (see below).

 

Job Description

 

 A general description of the job, including work performed and skills, effort, level of responsibility, and working conditions of the work performed that is used to help inform and qualify potential candidates. Different from a position description, which is personalized for the work an individual is expected to perform in their job.

Market Assessment

 

 

 The process used by Sibson Consulting and the HR Project Team to analyze salary rates paid in the market for similar jobs. Market data may be local, regional, or national, and may include higher education and general industry data depending on the type of job and the defined comparison markets/peers groups (see above).

 

 

Market Comparison Job

 

 A job used to make pay comparisons to similar jobs that exist in other organizations. Pay data for these jobs are readily available in valid and reputable published salary surveys.

 

Market Rate

 

 

The rate of pay for a job based on the market data from salary surveys.

 

Pay Band Minimum

 

 

An established minimum rate, or entry pay, for an individual in any given job.

 

Pay Band Midpoint

 

 

The middle of each pay band, which commonly represents pay for a fully competent and contributing individual in a given job.

Pay Band Maximum

An established maximum rate for an individual in any given job.

Pay Administration Guidelines

 A management tool that provides guidance on managing pay for employees (e.g., new hires, promotions). Pay administration guidelines are developed to ensure consistent, fair, and equitable compensation management and identifies governance responsibilities as shared by senior leadership, supervisors, and HR.

Position

Work and tasks that are specific to a single individual. Multiple positions may be included in the same job.

Position Description

A description of work for an individual for a job within their particular area, often used for annual reviews. Different from a job description which is a general description of the job (see above). The work described in a position description is typically more detailed than in the job description.

 

Salary Structure

 

A management tool designed to define pay levels that are internally equitable and externally competitive. A salary structure consists of a series of pay bands that group jobs of similar external and/or internal value.

 

Salary Survey

 

 

Salary surveys compile and report salary information for a variety of jobs across many industries. Data from salary surveys are typically used by organizations to determine competitive salary rates for jobs. Each survey contains pay data reported by Human Resources from many employers.