What Is Compensation?
by Mike Kappel on September 14, 2016
You give your employees a regular paycheck. But, you might also give other wages to your employees. Do those other wages count as compensation? What is compensation?
What is compensation?
Compensation is the total cash and non-cash payments that you give to an employee in exchange for the work they do for your business. It is typically one of the biggest expenses for businesses with employees. Compensation is more than an employee’s regular paid wages. It also includes many other types of wages and benefits.
Types of compensation include:
Base pay (hourly or salary wages)
Recognition or merit pay
Benefits (insurances, standard vacation policy, retirement)
Other non-cash benefits
How to determine compensation of employees
There are many ways to determine an employee’s compensation. No matter how you determine employee wages, you should consider internal equity. Internal equity is when you compare the positions in your business to ensure fair pay.
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