Compensation : Employees Satisfaction
The total of all rewards provided employees in return
for their services is called compensation. It is what employees receive in
exchange for their contribution to their organization. It is a systemic
approach to providing monetary value to employees in exchange for work performed.
Compensation Strategy :
1) Affordable : For the Organization
2) Structured : To ensure that employees efforts are
directed to achieving the organizations goals
3) Reasonably competitive : Such that it attracts and
retains quality people
Types of Compensation :
Direct Compensation :
a) Cash
compensation
b) Balance Pay
Indirect Compensation :
a)
Statutory
benefits
b) Discretionary benefits
Compensation means
a Salary
b) Commission
c) Bonus
Pay
d) Stock
options
e) Perks
f) Overtime
wages
g) Tip
Income
h) Travel
Allowance
i) Daily
Allowance
j) Other
Non Cash benefits
k) Benefits
Recognition of Merit Pay
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