Describe how total job benefits and total employee compensation differ.
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Total compensation is everything the company provides an employee in exchange for working. It includes base salary, bonuses, benefits, perks and on-site amenities.Total compensation indicates that an employee is making two or three times his base salary.
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Total job benefits and total employee compensation differ in the folowing ways:
- While the terms employee compensation and work benefits may have similar meanings, they are widely recognised to refer to two distinct types of income.
- Employee remuneration relates towards the compensation, yearly incentives, including longer-term incentive schemes including such share options as well as other equity remuneration and he or she receives from the company at what he or she works.
- As defined by ERISA (US law), job benefits include health and welfare plans as well as pension plans, as well as savings and paid time off.
- Other perks include: employer-provided accommodation either with free utilities or without it; insurances (dental, health, life, etc. ); incapacity insurance; pension benefits; daycare; tuition assistance; sick days; paid and unpaid vacation; social security, and so on.The monetary part of compensation is all that matters.Benefits are non-monetary items like as health insurance, even if you have to pay a part of the price yourself.
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