Definitions

Annual Evaluation: The formal yearly review of employee performance, typically conducted in late October or early November, used to assess performance and inform raise decisions.

Merit-Based Raise: A pay increase awarded based on individual performance or contributions.

Market Adjustment: A raise tied to external market data to keep compensation competitive.

Cost-of-Living Adjustment (COLA): A raise influenced by broad economic changes such as the Consumer Price Index (CPI).

Good Standing: An employee status indicating satisfactory performance, compliance with company policies, and no active disciplinary concerns.