Compensation and benefits basics

What is a basic compensation?
Base compensation is most often expressed as an hourly rate, monthly income, or annual salary.
It doesn't include benefits or additional earnings, such as commission, tips, overtime pay, or bonuses.
With this in mind, base pay may only be one part of an employee's total compensation..
What is the basic principle of compensation?
Compensation is intended to attract, retain, and reward employees.
And it's almost as much an art as a science.
As an HR generalist, you need a clear understanding of the logic behind various strategies to administer compensation plans and explain decisions..

Compensation is the financial value that a team member receives in exchange for their services. This monetary value can include wages, salary, commissions and bonuses. Benefits are nonmonetary, additional perks or rewards that a company provides for a team member.

What Are Compensation and Benefits?

Compensation and benefits are crucial functions of human resource management.
A rewarding compensation and benefits plan attracts high-performing candidates and helps foster staff motivation, retention and a positive workplace experience.
Compensation is the financial value that a team member receives in exchange for their services.
This monetary v.

What are the principles of a compensation program?

Control is maintained over compensation costs.
For a review of basic compensation program principles, we turned to Compensation.BLR.com®.
Properly structured and administered, your compensation program will:

Help attract top talent.
Retain core employees.
Encourage longevity while efficiently using financial resources.

Categories

Compensation and benefits basics

What is a basic compensation?

What is the basic principle of compensation?

What Are Compensation and Benefits?

What are the principles of a compensation program?