What Is Compensation Simple Words?

What is another word for compensation?

compensationrecompense, repayment, payment, reimbursement, remuneration, requital, indemnification, indemnity, redress, satisfaction.damages, reparations.North American informal comp.archaic guerdon, meed.rare solatium..

What is compensation and its types?

Direct compensation involves monetary payments to employees for time worked or results obtained. Indirect compensation involves expenditures made by an employer on behalf of all employees and is typically referred to as “fringe benefits.” Intangible compensation involves non-monetary rewards such as….

What are the advantages of a fair compensation system?

If your company’s employee compensation is fair, it can be a useful tool to help you recruit and retain talent, increase employee morale and reward or encourage high performance. Employees are coming to expect fair compensation as well.

What are the three parts of compensation?

It comprises three parts: Base wage and other monetary compensation. Benefits. Recognition and non-monetary compensation.

What is the purpose of compensation and benefits?

Compensation and benefits refer to the benefits a firm provides to its employees in exchange for their labor. Compensation and benefits are thus a key part of Human Resource Management.

What is the role of compensation and benefits?

Compensation and Benefits are also known as Remuneration Specialists. They are generally responsible for overseeing employee compensation and benefits, compensation databases, job descriptions, benchmark compensation as well as annual performance reviews.

What is your current compensation?

Your Current Compensation Is Determined by These Factors Essentially, it’s a combination of the value of your pay, vacation, bonuses, health insurance, and any other perk you may receive, such as free lunches, free events, and parking. These components are encompassed when you define compensation.

What is the difference between compensation and reward?

Compensation would include rewards when you offer monetary payment such as incentives, various bonuses and performance bonus. Organisations reward their staff when they attain the goals or targets that they have jointly set with the employees. Rewards can be non-monetary such as a paid vacation for two.

What is the simple definition of compensation ‘?

noun. the act or state of compensating, as by rewarding someone for service or by making up for someone’s loss, damage, or injury by giving the injured party an appropriate benefit. the state of being compensated or rewarded in this way.

How do you describe compensation?

Compensation describes the cash rewards paid to employees in exchange for the services they provide. It may include base salary, wages, incentives and/or commission. Total compensation includes cash rewards as well as any other company benefits.

What are three different forms of compensation?

Here are the three most popular types of compensation packages and a few notes on who might be most attracted to them.Straight salary compensation. … Salary plus commission compensation. … Straight hourly compensation.

What is fixed compensation in salary?

Fixed compensation refers to an employee’s regular gross salary or wages. … Fixed compensation amounts can be calculated for your employees, based on factors such as performance, region, and budget increases.

What is the importance of compensation?

From a manager’s point of view, the compensation package offered to a company’s employees is essential not only because it costs money, but because it is likely to be the primary reason the employees work for the firm. Compensation packages with good pay and advantages can help attract and retain the best employees.

How do I ask for compensation?

If you’re asking about salary, use the word “compensation” rather than “money and ask for a range rather than a specific number. Likewise, if you want to find out about work-life balance, it may be more useful to approach the topic in terms of “office culture.”

What does solatium mean?

noun, plural so·la·ti·a [soh-ley-shee-uh]. something given in compensation for inconvenience, loss, injury, or the like; recompense. … damages awarded to a plaintiff as compensation for personal suffering or grief arising from an injury.

What is a good compensation plan?

The test of a good compensation plan is that the incentive part measures no more than two to four performance factors, and all employees can accurately explain the plan in the time it takes to walk from the front door of your office building to your receptionist’s desk. 3. Establish SMART goals.

Who decides compensation?

Salary Factors: Here’s How Your Employer Decides How Much You Get Paid. What goes into determining how much money you make? In most organizations, salaries are determined by mapping roles and job descriptions with similar organizations (competitors) through a third-party compensation and benchmarking service.

What is an example of compensation?

Compensation may also be used as a reward for exceptional job performance. Examples of such plans include: bonuses, commissions, stock, profit sharing, gain sharing.

What are the 4 types of compensation?

The Four Major Types of Direct Compensation: Hourly, Salary, Commission, Bonuses. When asking about compensation, most people want to know about direct compensation, particularly base pay and variable pay. The four major types of direct compensation are hourly wages, salary, commission and bonuses.

What are some antonyms for compensation?

Antonyms for compensationdebt.hurt.loss.penalty.damage.deprivation.fine.forfeiture.