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Pay and benefits given to top management and executive-level employees, often including salaries, bonuses, stock options, and other perks. Example: CEO compensation package including $1 million salary, stock grants, and use of the corporate jet.$

A daily allowance for expenses typically given to employees for each day they are on travel for work. Example: $50 per day for meals and incidental expenses during a business trip.$

A benefits plan that allows employees to choose from a range of benefit options that best meet their needs and lifestyle. Example: A ‘cafeteria plan’ where employees allocate benefit dollars to different types of insurance and savings accounts.

The total amount of money paid by a company to its employees. Example: A company's monthly payroll could be $2 million.$

The initial rate of compensation an employee receives in exchange for services, excluding overtime or bonus pay. Example: A manager has a base salary of $60,000 per year.$

A type of insurance coverage that covers medical and surgical expenses of insured employees. Example: An employer-provided PPO health plan.

A compensation structure where employees earn a percentage of the sales they make. Example: A car salesperson might receive a 5% commission on each sale.

Paid time off work that employees can use during periods of temporary illness. Example: 10 days of paid sick leave per year.

A government-provided insurance that provides monetary benefits to workers who have lost their jobs and meet certain eligibility requirements. Example: Receiving a percentage of former earnings for a defined number of weeks after job loss.

A large payment or other financial compensation given to an employee when they leave a company, often as an incentive for early retirement. Example: A lump-sum of $50,000 offered as part of an early retirement package.$

An estimated hourly rate that an individual must earn to cover their basic living expenses without government assistance. Example: A living wage in a specific city calculated to be $15 per hour.$

Workplace perks that support employees with children, such as on-site daycare, childcare vouchers, or dependent care FSA. Example: An employer-providing vouchers to offset childcare costs.

The concept that employees should be compensated equally for jobs that require similar skills, responsibilities, and effort. Example: Ensuring that males and females in the same role with the same experience are paid fairly.

A systematic process used to determine the relative worth of jobs within an organization. Example: Assessing roles based on skill requirements, effort, responsibility, and working conditions to establish pay scales.

Extra pay for hours worked beyond the normal working hours as required by labor laws. Example: 1.5 times the hourly rate for hours worked over 40 in a week.

A raise in pay based on an employee's performance. Example: A 3% raise for consistently exceeding targets.

Days an employee is paid while away from work, not specific to any type of leave. Example: An accrual system where employees earn 15 PTO days a year for sickness, vacation, or personal time.

An approach to compensation that includes the complete portfolio of monetary and non-monetary returns provided to employees, including all forms of benefits, perks, and recognition. Example: Sum of salary, bonuses, recognition programs, career development opportunities, and work-life balance.

A financial reward given to employees in addition to their base salary as a means of increasing motivation and reward performance. Example: A 10% year-end bonus based on company profits.

A work-based program that offers free and confidential assessments, short-term counseling, referrals, and follow-up services for employees with personal or work-related problems. Example: Counseling services for stress, substance abuse, or family issues.

A formal assessment where an employee's work performance is evaluated, often influencing pay raises and promotions. Example: Annual performance evaluation meetings.

A benefit where employees receive a share of the company's profits, usually distributed in cash or as contributions to retirement savings plans. Example: Yearly distribution of 5% of profits to employees.

A retirement plan that requires an employer to make contributions into a pool of funds set aside for an employee's future benefit. Example: Defined benefit plan based on years of service.

Payment made to employees upon termination of employment. Example: One month's salary for each year of service.

Time off from work allowing parents to care for their new child. Example: 12 weeks of paid maternity leave or 2 weeks of paid paternity leave.

A benefit where employers pay for or subsidize further education or training for employees. Example: Tuition reimbursement up to $5,000 per year for approved courses.$

Support provided by an employer to cover the expenses when an employee moves to a new location for work. Example: Covering moving costs and temporary housing for a job transfer.

A special account where employees can save money pre-tax for out-of-pocket health-related expenses. Example: Using pre-tax dollars to pay for medical deductibles or co-payments.

The lowest legal hourly pay rate that can be offered to workers. Example: A federal minimum wage of $7.25 per hour in the United States.$

A contract that pays beneficiaries a sum of money upon the insured employee's death. Example: A policy with a $200,000 death benefit.$

Insurance that provides income to employees who are unable to work due to a disability. Example: Short-term disability insurance paying 60% of salary for 6 months.

A program allowing employees to purchase company stock at a discounted price. Example: Buying stock at 85% of the market price through payroll deductions.

The combination of salary, bonuses, and benefits that an employer provides to an employee. Example: A total compensation package might include a base salary of $70,000, health benefits, and a 401(k) match.$

Forms of payment including ownership interests in the company such as stock options, restricted stock, and performance shares. Example: Granting 500 shares of restricted stock that vest over four years.

Increases in wages to account for increases in the cost of living. Example: Annual 2% salary increase tied to inflation rates.

Various extra benefits offered by employers besides the normal wages and salaries. Example: Company car, cell phone allowance, gym memberships.

Compensation for vacation time to which employees are entitled. Example: Employees might receive 2 weeks of paid vacation per year.

Insurance coverage for expenses related to dental care. Example: Coverage for routine check-ups, cleanings, and major dental work like crowns.

A retirement savings plan sponsored by an employer allowing workers to save and invest a portion of their paycheck before taxes are taken out. Example: Automatic 3% salary deferral into a 401(k) with a 50% employer match.

The right given to employees to purchase stock at a future date for a price set at grant date. Example: Options to buy 1,000 shares at $10 when current price is$15.