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Remunerate Term |
Definition |
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Algorithm |
Mathematical formula used to calculate the value of an attribute. It can reference attributes from Business Entities, or it can be a fixed numeric value. |
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Approver |
The person who approves the budget allocation for a Review Group during a Review after it is submitted by the Reviewer. |
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Attribute |
A data item / piece of information that is used in the compensation review process. Each organisation defines is own attributes. |
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Base Salary Review |
A compensation review that results in adjustments to employees' base salary |
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Budget Algorithm |
The mathematical formula used to calculate the suggested payment for each employee for a given Review Instance. |
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Budget Modifier |
A percentage that modifies the suggested payment (i.e. adjusts the budget algorithm) for employees in a given Category. |
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Business Entity |
Allows you to a) define your business into Review Groups for the purpose of conducting reviews b) define the data that is to be stored and maintained for the following Business Entities according to the hierarchy listed: 1. Review Groups 2. Employees 3. Position (for a given employee) 4. Position Review History 5. Incentive Review History |
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Business Unit |
The highest level Review Group in a hierarchy. It has no parent and contains no employees. It must contain child Review Groups. |
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Category |
A specific type of Attribute that has a limited number of values. An employee can have multiple values for a given category. Each value may have a different 'Budget Modifier', a percentage that modifies the suggested payment for employees in that category accordingly. |
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Currency |
May be monetary, e.g. USD, EUR, GBP, or non-monetary, e.g. Shares or Options. Reviews are conducted in the payment currency of each employee. Remunerate provides reporting in a single currency based on conversion rates. |
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Display Name (of an Attribute) |
The label that will appear for that Attribute in the entity details screen; the column heading of the Review table and reports. It can be changed for each entity and in the Review Table |
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Employee |
The Business Entity that contains static information for a particular individual regardless of the position he currently performs within the organisation. Information such as name, date of birth, gender and contact details. |
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Entity |
See Business Entity |
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Entity Hierarchy |
See Business Entity |
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Incentive Compensation Review |
The process of reviewing employees and allocating them a bonus in accordance with Incentive Plans, performance and other company guidelines. The outcome does not affect the employee's base salary. |
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Incentive Review History |
The results of a specific Incentive Compensation Review for an employee |
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Incentive Plan |
An Algorithm that allows incentive compensation payments to be linked to organisation goals. |
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Line Manager |
See Reviewer |
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Permissions |
Each user is allocated certain permissions for nominated Review Groups. They are Review, Approve, Administer, Report. |
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Position |
The Business Entity that contains the current position details for an employee. An employee can have only one current position in that he receives only one pay cheque. If the employee performs two roles, the description will contain Role1/Role2. Typically a position will include information such as job size, rate of pay, incentive plans information, key performance indicators, and performance review data |
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Position Review History |
The results of a specific Salary Review for an employee. |
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Review / Review Instance |
May be a Salary Review or an Incentive Compensation Review.A Review Instance has a specific budget and dates. |
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Review Data |
The view of the organisation structure / hierarchy used to group employees for reviews. It comprises Business Units which consist of Review Groups which contain Employees and/or other Review Groups |
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Review Grid |
This is the central piece of Remunerate that is used by all Line Managers and Approvers. It is the grid layout that displays employee data for a Review Group and allows the Reviewer to allocate the review budget across the employees. |
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Review Group |
Each Line Manager will have a set of employees to review for any given Review.Remunerate groups these employees into Review Groups against which budgets are set and can be managed. A Review Group may contain other Review Groups as well as employees so that an organisation hierarchy is created. |
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Review Type |
May be Base Salary, which affects an employee's current position details or Incentive Compensation, which results in bonus payments |
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Reviewer |
The person who performs a Review, i.e. allocates the review budget across the employees in a Review Group using the Review Grid. This person is usually a Line Manager within the organisation. The term 'Line Manager' is used throughout this manual rather than 'Reviewer', for simplicity. |
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Rights |
System-defined rights control what functions can be performed. A number of rights are assigned to each role. |
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Role |
Security in Remunerate is Role-based. A Role is defined by the Rights that are assigned to it. Decide what roles are required in your organisation to maintain Remunerate and then assign these to the appropriate users. Roles can be hierarchical. Once a set of rights is defined for one role, that role can be included as a child role for another more powerful role, rather than defining the same set of rights multiple times for multiple roles |
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Salary Review |
The process of reviewing employees and allocating them a salary increase in accordance with budget guidelines |
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User |
An individual who logs on to Remunerate. Users must be assigned one or more Roles before they can perform any functions. |
