Job-based, market-based, and broadbanding

Point factor, ranking, and classification

Pay grades, pay ranges, and pay compression

Salary surveys, market pricing, and pay differentials

Anniversary date reviews and focal point reviews

Fixed intervals and market-driven adjustments

Lump sum payments and base salary adjustments

Skill-based pay and incentive-based pay

Unions

Use of market pay

Job descriptions for most jobs

Motivates employees to improve performance

Allows for flexibility in budget allocation

Provides immediate financial rewards

Aligns with performance evaluation cycles

Provide industry benchmarks

Compare with top-performing employees

Use objective performance metrics

Compare with internal salary ranges

A change or adjustment made to an employee ' s pay

A performance evaluation conducted by the supervisor

The process of setting salary ranges and pay scales

The distribution of employee benefits and incentives

Market midpoint and pay compression ratio

Market survey percentiles and job evaluation points

Salary range spreads and pay range penetration

Pay progression rates and internal equity ratios

Economic forecasts, industry trends, and market indicators

Internal cost projections, revenue targets, and business strategy

Employee performance evaluations and career development plans

Employee turnover rates, promotions, and retirements

To ensure internal and external equity in compensation

To attract and retain talented employees

To provide a clear and transparent system for pay decisions

All of the above

A plan for reducing compensation costs in the organization

An approach to determine executive compensation packages

The alignment of compensation practices with organizational goals

A framework for calculating employee benefits and incentives