Compensation DOE
De BISAWiki
Employee compensations play a big role in getting the right people for the work. An attractive compensation package attracts the best applicants to a vacant position and retains high-quality employees. What Is Compensation? Compensation describes wages, salary and/or incentives received by a worker for the performance of his/her job that also contains other kinds of services and benefits which can be given by the organization. Compensation also describes monetary and non-monetary advantages given by the companies to the employees to motivate them in performing their job. Financial compensation examples include: wage, salary, allowance, and bonus, commissions, while non-monetary compensation examples are: children education, transportation, medical benefits and many more. You will find several types of Total Compensation, in most organizations, wages and salaries are very different in certain ways although both make reference to regular monetary compensation. Incentives are even different altogether. Wages in most companies refer to the compensation paid by employers to workers. Usually paid within an hourly rate, that is paid to groups such as for example those that work in production or maintenance; this may have family allowance, relief pay as well as other financial support. Salary is paid to employees who work in a clerical, administrative, and professional capacity. Usually salaries are based on a weekly or monthly rate. Incentives alternatively are schemes or programs of organizations to motivate their workers. It's usually monetary but can also include a number of non-monetary benefits and/or prizes. There are many aspects that affect compensation. Many of them are: -The company's ability to pay - The prevailing compensation and benefits in the market -Availability of competent and qualified people for the career -Performance and productivity of the employee -Qualifications and relevant experience of the employee- Compensation DOE And many more. Compensation often means various things to each person. A manager and an employer would have a different perception in relation to compensation and wages. To find out more please visit www.about-compensation.com
