Please enable JavaScript.
Coggle requires JavaScript to display documents.
compensation and benefits - Coggle Diagram
compensation and benefits
What is compensation?
total amount of monetary and non-monetary benefits
Compensation during the recession
The key to retaining good people in any environment is compensation.
The happiest employees are not the
ones with the highest salary.
compensation package
What is it?
is a critical component of the strategic HRM plan since a great deal of an organization's budget is for employee compensation
What can it include?
health-are benefits
other benefits such as 401(k) plans
pays
parts of well growing company
motivated employees
good compensasions
morale
satisfaction
Classification of compensation
Indirect financial compensation
leaves of absence, benefits, and retirement plans
Non-monetary compensation
types of rewards that are not a part of an employee's pay
Direct financial compensation
wages, salaries, bonuses, commissions
loyalty in the organization
a proper compensation plan can increase loyalty in the orhanization
what can pay system be used?
reward individual or team performance
encourage employees to work at peak performance