Netflix gives every engineer the same title: Senior Software Engineer. That worked out beautifully: everyone focuses on getting things done and doing the right things. One's total package depends on how important this person is to her team and to the company, and of course Netflix makes sure the person gets paid more than the market can offer. If the person disagrees with the market price, Netflix encourages the person to seek external opportunities.

Can't find a better system for those who don't about titles.