Keyword Analysis & Research: compensation

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Frequently Asked Questions

What are the elements of compensation?

Elements. There are two major foundational elements that companies can use in compensation. These elements are the rate of pay, and health care coverage. Primarily, these two costs make up the majority of employment compensation. The most basic form of employee compensation is the rate of pay.

What are the different forms of compensation?

There are six basic forms of compensation: salary, short-term incentives (STIs or bonuses), long-term incentive plans (LTIPs), benefits, paid expenses, and insurance. Short-term incentives are usually formula-driven, whereas bonuses are awarded after-the-fact and are usually discretionary.

What is the purpose of compensation?

Compensation is a systematic approach to providing monetary value to employees in exchange for work performed. Compensation may achieve several purposes assisting in recruitment, job performance, and job satisfaction.

What is included in compensation?

Compensation describes the cash rewards paid to employees in exchange for the services they provide. It may include base salary, wages, incentives and/or commission. Total compensation includes cash rewards as well as any other company benefits.

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