Glossary Term: Compensation and Wage

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

Definition: On Target Earnings (OTE) is a term used in job offers, primarily in sales, to describe the total expected compensation a salesperson can earn

What is a referral bonus? Definition: A referral bonus is a reward given to an employee for recommending a candidate for a position within their

What is total remuneration? Definition: Total remuneration refers to the complete package of compensation provided to an employee, encompassing all forms of financial rewards and