Glossary

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What is statutory sick pay?

Statutory sick pay (SSP) is a U.K.-government mandated compensation that employers pay to employees who are too ill to work. SSP regulations require employers to pay a minimum of £95.85 per week for a maximum of 28 weeks.  According to…

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What is payroll software? | HiBob

Payroll software is a computer program that automates the payment process for greater efficiency and…

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What is deferred compensation?

Deferred compensation is a remuneration model that enables employees to postpone receiving a portion of…

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What is compensatory time off?

Compensatory time off is paid time off that employees can accrue in return for working…

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What is Cost-of-living adjustment (COLA)?

A Cost-of-living adjustment (COLA) is a company-wide compensation increase that corresponds to a rise in…

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What is a salary review?

A salary review is the evaluation process managers conduct to determine if their teams’ salaries…

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What is compensation management software?

Compensation management software is a dedicated planning system that streamlines employee data and budget planning…

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