Discuss the primary elements of employee compensation and benefits ?
Compensation is the payment employees receive in return for their labor. In developing a system for paying employees, management must decide on the firm's general wage level (relative to other firms), the wage structure within the firm, and individual wages.
Wage surveys and job analyses are useful in making these decisions. Employees may be paid hourly wages, salaries, or commissions. They also may receive incentive payments, lump-sum salary increases, and profit-sharing payments.
Employee benefits, which are non-monetary rewards to employees, add about 30% to the cost of compensation.
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