Behaviorally Anchored Rating Scales: It is used to measure underlying attitude in one or more performance attributes.

SMART: SMART goals are specific, measurable, attainable, realistic, and time bound.

KRA: Key Result Areas to indicate the performance target of individual employees of an organization, aligning with the business goals.

Time Study: Carried out to decide the standard time required performing a job and then basing the wage and incentives on the same standards.

Dearness Allowance: These allowances are paid to protect the fall of real wages of employees, keeping pace with the price rise.

Living Wages: Wage rate which not only provide the bare essentials of food, clothing and shelter but a measure of frugal comfort, including education for his children, protection against ill-health, requirements of essential social needs and a measure of insurance against the more important misfortunes, including old age.

Job Evaluation: Process of measuring the relative worth of a job to decide the wage rate.

Fair Wages: It is the wage, which is above the minimum wage but below the living wage. Thus the lower limit of the fair wage is the minimum wage and the upper limit is set by the "capacity of the industry to pay."

Minimum Wages: Wages, which are need-based and statutorily decided both by the Central and the State Government. Payment of minimum wages is obligatory for the organization.

Performance management system: Performance management system refers to the combination of performance goals and a pay for performance plan.

Job Assessment: To keep pace with the changing job content, due to technological changes, it is necessary to make periodic re-assessment of the job keeping in view the old Job Description.

Job Description: This process helps to give a title to a job, considering the conditions, tasks and responsibilities involved and qualities required for a job.

Exchange Value: The properties, which enable the owner to exchange it for anything else, if, he so desires in future.

Cost Value: The cost required to produce the item.

Esteem Value: Aesthetic features or properties which attract a customer to own it.