Terms You Should Know

This is an alphabetical glossary of terms that you may encounter while browsing this website.

Market
The group of peer organization in which the university competes for talent to fill positions.
Market Data
Compensation data gathered from similar institutions and companies which assist in keeping compensation decisions aligned with job opportunities available outside of the university.
Market Equity
Refers to pay that is in line with what other comparable employers are paying to employees who have similar skills, responsibilities and experience; same as External Equity.
Medical Campus
The Boston University Medical Campus (BUMC) is located in Boston’s South End, and comprises the Boston University School of Public Health, the Goldman School of Dental Medicine, the Boston University School of Medicine, including the Division of Graduate Medical Sciences, and the Boston Medical Center.
medically necessary
Medically necessary is defined as a service or supply that is provided for and consistent with the symptoms, diagnosis, or treatment of a medical condition, and is consistent with generally accepted standards of medical practice.
medicare
Medicare is the federal program providing health insurance to people over 65 and those who have permanent kidney failure and certain people with disabilities.
Merit Increase Pool
The total budgeted amount for the university-wide annual pay increases. The Merit Increase for a position is based on the performance of the individual in that position. As a result, if an employee is an outstanding performer, they may receive more than the merit pool percentage. If the employee is not a good performer, they may receive less than the merit pool percentage.
minimum wage
Minimum wage is the lowest level of earnings for employees set by government legislation.
negotiation
Negotiation is the process of discussion with a view to mutual settlement, usually by the means of a conference.
Non-exempt Employee
An employee who is subject to the provisions of the Fair Labor Standards Act (FLSA). Non-exempt employees are entitled to overtime pay and covered by all other FLSA wage and hour provisions.
orientation
Orientation is the introduction of employees to their jobs, co-workers, and the organization by providing them with information regarding such items as policies, procedures, company history, goals, culture, and work rules.
OSHA
OSHA (Occupational Safety and Health Administration) is the law and its administration relating to the health and safety of personnel at work.
out-of-network care
Out-of-network care is care received from a provider that is not part of the approved network of providers; or, for members of an HMO, care that is not directed by your primary care physician.
out-of-pocket limit
Out-of-pocket limit is the maximum amount of covered medical and surgical expenses you and your family could pay each year. After you have met the annual deductible, you generally pay 20% of covered expenses, up to your out-of-pocket limit. Once you have reached your out-of-pocket limit, the plan pays 100% of covered expenses for the remainder of the calendar year. Certain expenses may not count toward your out-of-pocket limit. Also, your plan deductible does not count toward your annual out-of-pocket limit.
overtime
Overtime is hours worked by an hourly paid employee in excess of 40 or 37½ in the basic workweek as the case may be. Hours in excess are paid at a time and a half rate.