What is the difference between compensation and benefits, explain with two examples?
Answers
There are different types of compensation plans and some are performance based.
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Difference Between Compensation and Benefits.
Compensation Benefits
Employees cannot determine their compensation Employees can determine their benefit packages and are entitled to them
In piece-rate compensation plan, pay determined by contribution made No benefits at all
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Compensation and benefits refers to thecompensation/salary and other monetary and non-monetary benefits passed on by a firm to its employees.It helps give benefits to employees based on their performance and actions and brings the best out the employees at workplace.
Compensation consists of a combination of an employee's pay, vacation, health insurance, and bonuses. It also includes other perks, such as a company car, free parking, free or cheap meals, commuting costs, etc.