Compensation refers to the total financial and non-financial rewards provided to employees for their work, including salary, bonuses, benefits, and incentives.
- What is compensation?
Answer: It is the total rewards, including salary and benefits, given to employees for their work. - What are the components of compensation?
Answer: Components include base pay, bonuses, health insurance, and retirement plans. - How is compensation determined?
Answer: It is determined based on job role, market rates, experience, and company budget. - What are the benefits of competitive compensation?
Answer: It attracts talent, boosts morale, and reduces turnover. - What role does HR play in compensation?
Answer: HR designs compensation structures and ensures compliance with laws.
