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.
A philosophy adopted by an institution that serves as a foundation for total rewards plans and decisions.
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.
A releveant, measurable, time-bound statement that describes how to effectively carry out an essential job function.
Specific, achievable action(s) to accomplish your functional goal.
Job Analysis Questionnaire
A tool that gathers essential functions for use in the creation or revision of a job description (see below).
Market Comparison Job
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
Pay Administration Guidelines
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 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.