Glossary
Compensation and Benefits Manager Terms & Vocabulary
15 essential compensation and benefits manager terms with plain-English definitions: the vocabulary you’ll hear in training and on day one.
Key compensation and benefits manager vocabulary
These 15 terms come up constantly in compensation and benefits manager training, on the job and in interviews. Knowing them helps you follow instructions, document accurately and sound prepared.
- 401(k)
- Retirement plan.
- Broker
- Benefits advisor.
- Compa-ratio
- Pay compared to midpoint.
- ERISA
- Federal benefits law.
- Exempt
- Not eligible for overtime.
- FLSA
- Wage and hour law.
- Job evaluation
- Ranking job value.
- Market pricing
- Setting pay from surveys.
- Merit increase
- Raise for performance.
- Midpoint
- Middle of a range.
- Open enrollment
- Benefits sign-up period.
- Pay equity
- Fair pay across groups.
- Salary range
- Minimum to maximum pay.
- Self-funded plan
- Employer pays claims.
- Total rewards
- Pay plus benefits.
Practice these terms
Test yourself with the free Compensation and Benefits Manager practice test: it includes vocabulary questions built from this list. For a complete course, see Compensation and Benefits Manager training.
Browse terms from every career in our career glossary.