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Compensation program

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Identify the major parts of a compensation program. What is the most important factor influencing the rate of pay an employee receives?

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Identify the major parts of a compensation program. What is the most important factor influencing the rate of pay an employee receives?

The main parts of the a compensation program are base wage and salary, wage and salary add-ons, incentive payments, and benefits and services. The base wage and salary refers to the workers/employees paid compensation before incentives are applied. This is the minimum annual salary received by he employee. This is also called the standard salary. The wage and salary add ons are given for different specific purposes, for instance extra compensation ...

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Compensation program is discussed very comprehensively in this explanation.

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