Employees receive compensation when they receive money, benefits, or services in exchange for their efforts.
What is compensation?
- Compensation could be a precise approach to giving money related esteem to representatives in trade for work performed.
- Compensation may accomplish a few purposes helping in enlistment, work execution, and work fulfillment.
- Compensation may also be used as a reward for exceptional job performance. Examples of such plans include: bonuses, commissions, stock, profit sharing, gain sharing.
- Compensation will be seen by workers as reasonable in the event that based on precise components.
- Different compensation frameworks have created to decide the esteem of positions.
- These frameworks utilize numerous comparative components counting work depictions, compensation ranges/structures, and composed strategies.
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