Examlex
Classifying people and ranking the classifications on a superiority-inferiority scale is called
Pay for Knowledge
A compensation strategy where employees are paid based on the skills, knowledge, and abilities they bring to their job, rather than solely on their job title or position.
Broad Banding
An approach to salary structures that consolidates many pay grades into fewer broad bands to provide more flexibility in employee compensation.
Base Pay
The initial salary paid to an employee, not including benefits, bonuses, or other potential compensation.
Performance Pay
Compensation tied directly to an employee's performance or achievements, often used as an incentive to motivate higher productivity.
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