Compensation DOE

De BISAWiki

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Edição de 19h24min de 3 de maio de 2013

Employee compensations play a huge role in obtaining the right people for the work. An appealing compensation package attracts the best applicants to a vacant position and retains high quality employees. What Is Compensation? Compensation identifies wages, salary and/or incentives received by a worker for the performance of his/her job that also includes other types of services and benefits that may be supplied by the organization. Compensation also identifies monetary and non-monetary advantages given by the companies to the employees to motivate them in performing their job. Monetary compensation examples include: wage, salary, allowance, and bonus, commissions, while non-monetary compensation examples are: children education, transportation, healthcare benefits and many more. You will find different types of Total Compensation, in many businesses, wages and salaries are very different in a few ways although both refer to regular monetary compensation. Incentives are even different altogether. Wages in many companies refer to the compensation paid by employers to workers. Often paid within an hourly rate, this is paid to groups such as those that work in production or maintenance; this could also include family allowance, relief pay as well as other financial support. Salary is paid to employees who work in a clerical, administrative, and professional capacity. Often salaries are derived from a weekly or monthly rate. Incentives alternatively are schemes or programs of organizations to motivate their staff. This is usually monetary but may also include a number of non-monetary benefits and/or prizes. There are numerous factors that affect compensation. Some 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 can indicate different things to differing people. A manager and an employer would have a different perception in regards to compensation and wages. To learn more please visit www.about-compensation.com