Glossary of Terms
Set out below is a list of the key terms used in insightpay Remuneration Service products and all corresponding literature. A brief definition or explanation is provided for each term.
Roles:
Top Executives: are either Chief Executives ('A', 'B' or 'C'), or those positions which report to them and which are included in this report.
General Staff: all roles in an organisation which sit below the Top Executive roles.
Quartile Analysis:
Lower Quartile: when all values are ranked in ascending order, this is the point at which 25.0 percent of values are lower and 75.0 percent are higher.
Median: when all values are ranked in ascending order, the median is the mid-point in the range of values (the point or value at which 50.0 percent of values are lower and 50.0 percent are higher).
Upper Quartile: when all values are ranked in ascending order this is the point at which 75.0 percent of the values are lower and 25.0 percent are higher.
The range of values between the lower and upper quartile (the inter-quartile range) encompasses the middle 50.0 percent of the total number of values in the sample.
90th Percentile: when all values are ranked in ascending order, this is the point at which 90.0 percent of values are lower and 10.0 percent are higher.
Average or Mean is the arithmetical average of all values included in the sample. The term Weighted Average is also used in certain analyses to take account of variations in sample size.
Remuneration Measures:
Base Salary: is cash salary excluding all other benefits such as overtime, annual leave loading, and cash allowances.
Fixed Annual Remuneration: the value of all benefits: cash, plus non-cash, including superannuation, but excluding Fringe Benefits Tax, equity-type and long-term incentive schemes and short term incentive payments
Total Remuneration: is the value of all benefits: cash, plus non-cash, including superannuation and (short-term) incentive payments, but excluding Fringe Benefits Tax. (The value of equity-type and long-term incentive schemes are also excluded.)
Total Remuneration Cost: the value of all benefits: cash, plus non-cash, including superannuation and (short-term) incentive payments, including Fringe Benefits Tax. (The value of equity-type and long-term incentive schemes are also excluded.)
Benefits Values:
The values attributed to the benefits included in Total Remuneration have been calculated on the basis of the annualised cost to the employee if he or she were to purchase the benefit. Where direct cash payments are made, e.g. bonus or commission, the actual amount paid is included. The definition of each benefit follows:
Bonus: an amount paid, usually on an annual or half yearly basis, to recognise the achievement of certain individual or company goals.
Commission: a variable amount paid as part of an incentive scheme, usually to sales and marketing personnel, which is related to individual achievement of sales or sales related target.
Superannuation: the amount paid by the company into a superannuation fund on behalf of a particular employee.
Company Car: an imputed sum has been included in the total remuneration to represent the value (to the employee) of an employer-provided car.
Car Allowance: the actual amount paid to offset the cost of running a privately owned vehicle.
Expense Allowance: an amount provided to cover expenses that do not have to be claimed or justified on an item by item basis.
Classification of Survey members:
Asset Group:
Based on gross assets value
Employee Group:
Calculated on full time equivalent staff.
Turnover Group:
Based on gross annual turnover or gross annual operating budget
Location:
The broad geographic location the role is located in.