Glossary Term: Compensation and Wage

What is full-time equivalent (FTE)? Definition: A Full-Time Equivalent (FTE) is a standardized unit that represents an employed person’s workload in a way that makes

What is incentive pay? Definition: Incentive pay, also known as pay-for-performance, is a compensation strategy that offers financial rewards to employees based on their performance,

What is job evaluation? Definition: Job evaluation is a systematic process used to determine the relative worth of jobs within an organization. This method assesses

What is a mean wage? Definition: Mean wage is an economic measure that represents the average wage earned by employees in a specific job, sector,

Definition: The median wage is the wage at the midpoint in a list of wages for an occupation, where half of the workers earn more

What is Minimum Wage? Definition: Minimum wage is the lowest legal hourly pay that employers can offer to employees. Government legislation establishes this wage floor