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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.

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

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.

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

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 $15 per hour.$

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.

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

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

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

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

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

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.

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

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.

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

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

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.

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 $70,000, health benefits, and a 401(k) match.$

Insurance that provides wage replacement and medical benefits to employees who are injured in the course of employment. Example: Coverage for medical treatment and lost wages after a workplace injury.

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.

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.

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

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.

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 $1 million salary, stock grants, and use of the corporate jet.$

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.

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

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.

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

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

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 $60,000 per year.$

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 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.

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 $50,000 offered as part of an early retirement package.$