A method for calculating merit increases using either a broadband approach or a compa-ratio approach.
Salary Increase BudgetA salary increase budget represents the difference between a company's current pay and where it foresees its pay levels reaching in the future.
Salary IncreaseThe difference between an organization's current pay and what it plans to pay in the future. Salary increases can be given based upon merit (such as pay for performance), cost-of-living increases, or matching what competing organizations pay. In the latter case, wage surveys are used to determine the amounts of salary increases.
Planning Compensation Incentives That Maximize Workforce Engagement
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Common Compensation Terms and Formulas