Clarification of Compensation Factors
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Building a compensation plan can be very difficult to achieve. There are many different options to consider when building the right compensation plan, but clearly understanding what falls under compensation is very important. Compensation is not just the salary you pay your employees, but includes a comprehension of bonus structures and benefits that can be included to entice a person to join or stay with a company.
What is compensation? What is the importance of balancing financial and nonfinancial factors?
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Solution Summary
This solution defines compensation and discusses the importance of balancing financial and nonfinancial factors.
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Technically compensation is actually the payment that an individual receives for providing a specified service. For most organizations, the payment that an individual receives for the services ...
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