Define the different forms of compensation and provide examples of each.© BrainMass Inc. brainmass.com October 1, 2020, 11:27 pm ad1c9bdddf
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Compensation can be comprised of several different things including different wage structures and bonuses, as well as benefits like health insurance, 401ks, etc. In certain cases, you may also find things like subway discounts/reimbursement plans, babysitting services, and other non-traditional benefit types. Consider:
"Forms of Compensation
Your bonuses should be based on achievement, and should include all of your employees. Don't limit your incentive program to certain employees, or you'll limit your company's potential. You'll also lose the benefit of the team-building effects of incentive-based compensation. If everyone is going after the same goal, they'll have a better chance -- and your company will have a better chance -- of succeeding.
Your rewards should also be based on results and not simply the activity level of the employee. Just because they try doesn't mean they should get the bonus that those who actually produce results get.
Don't put a limit on the amount of the bonus; you'll only limit the effort your employees put into the job. Once they reach the limit, they'll feel they can kick back and relax. Keep it open and they'll continue to produce.
Tying your employees' compensation to the results they produce will help them focus on the company's bottom line. You can also tie in long-term incentive compensation in the form of stock options and deferred compensation plans (more about stock ...
The solution defines the different forms of compensation and provides an example.