write a short on compensation benefits
Answers
When you receive a job offer, the first thing you look at is the salary. Whether the recruiter lists the wage as an hourly, weekly, monthly, or hourly rate, candidates see it as the most critical part of any job offer. Typically, when employees think about compensation, the salary is what they think of. But, for many employees (especially senior employees) compensation is far more than just the regular paycheck.
When you receive a job offer, the first thing you look at is the salary. Whether the recruiter lists the wage as an hourly, weekly, monthly, or hourly rate, candidates see it as the most critical part of any job offer. Typically, when employees think about compensation, the salary is what they think of. But, for many employees (especially senior employees) compensation is far more than just the regular paycheck.Benefits cover indirect pay. This can be health insurance, stock options, or any myriad of things offered to employees. All of these things are critical in any job offer. Two jobs that offer identical salaries may vary wildly in the benefits category, making one a better financial proposition than the other.
When you receive a job offer, the first thing you look at is the salary. Whether the recruiter lists the wage as an hourly, weekly, monthly, or hourly rate, candidates see it as the most critical part of any job offer. Typically, when employees think about compensation, the salary is what they think of. But, for many employees (especially senior employees) compensation is far more than just the regular paycheck.Benefits cover indirect pay. This can be health insurance, stock options, or any myriad of things offered to employees. All of these things are critical in any job offer. Two jobs that offer identical salaries may vary wildly in the benefits category, making one a better financial proposition than the other.Overtime pay, stock options, 401k matches, pension plans, days off, and even free lunches make up an essential part of the compensation and benefits package.
When you receive a job offer, the first thing you look at is the salary. Whether the recruiter lists the wage as an hourly, weekly, monthly, or hourly rate, candidates see it as the most critical part of any job offer. Typically, when employees think about compensation, the salary is what they think of. But, for many employees (especially senior employees) compensation is far more than just the regular paycheck.Benefits cover indirect pay. This can be health insurance, stock options, or any myriad of things offered to employees. All of these things are critical in any job offer. Two jobs that offer identical salaries may vary wildly in the benefits category, making one a better financial proposition than the other.Overtime pay, stock options, 401k matches, pension plans, days off, and even free lunches make up an essential part of the compensation and benefits package. Some benefits are country-specific. In the United States, health insurance makes up a key component of benefits. Who your employer is, determines your health care options – even down to which doctors you can see and which medications are covered.
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Answer:
Definition :
Compensation is the remuneration awarded to an employee in exchange for their services or individual contributions to your business. The contributions can be their time, knowledge, skills, abilities and commitment to your company or a project.
In simpler words, compensation is the money received by an employee from an employer as a salary or wages.
Importance of Compensation
Compensation is one of the most important aspects of running a business that can make or break a business. Having a good compensation plan can help organizations to flourish and compete in their respective markets.
Some of the benefits of providing the right compensation package to your employees are:
- Attracts top talent
- Increases employee motivation at the workplace
- Boosts employee loyalty
- Increases productivity and profitability
- Improves job satisfaction and employee engagement
- Helps in retaining top employee
- Helps stay in compliance with the Federal and State government agencies
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