COMPENSATING AND REWARDING EMPLOYEES

Compensation refers to all the extrinsic rewards employees receive in exchange for their work. Compensation is usually composed of base wage or salary plus any accompanying bonuses and benefits. Base wage or salary is the hourly, weekly or monthly payment that employees receive for their work. Incentives are rewards offered in addition to the base wages or salary and are usually directly related to performance. Benefits are rewards employees receive as a result of their employment and position with the organization.

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