Have you ever thought that compensation and salary meant the same thing? What is the difference? From your work experiences, what are some examples of different forms of compensation that are a part of your overall compensation package (in addition to salary)? What are some forms of incentive based pay at your employer or that you are aware of at other organizations?
What is the difference between the terms salary, commission, incentives, bonuses, and benefits? Do you think there is a stronger need for extrinsic rewards as opposed to intrinsic? As a manager, how can you create an environment in which the intrinsic and extrinsic rewards are balanced? How do these rewards influence an employee's attitudes towards his or her work performance, loyalty to the company, and general feeling of satisfaction?
While salary is part of compensation, it is not the entire package. Compensation refers to salary, health benefits, vacation and sick benefits, bonuses and benefits provided to the employee. Some organizations will also include commissions, based on amount or level of sales, as part of the compensation package. Incentive based pay uses some type of measurement to determine the level of compensation, such as level of productivity, amount of sales or some other type of measurement closely related to organizational goals. Incentive based pay through my employer has consisted of raises of between 0.50 to 1.00 per ...
The expert determines whether compensations and salaries meaning the same things.