There is an increased need to explain the following:

$ Competitive pay (external market focus)

$ Equitable pay (internal equity focus)

$ Fair pay (based on an individual employee’s perception)

$ Job posting pay rates (employer practices and philosophy varies)

$ Living wage (social responsibility, ethics, DEI, and affordability)

$ Statistical pay gaps or pay disparities (root cause analysis and actions taken)

$ Workplace equity (equal pay for equal work AND equal access to opportunities)

This is an opportunity to build trust in the workplace.

What compensation-related terms am I missing?

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