Compensation and Benefits

This refers to the salary / compensation and other monetary and non-monetary benefits passed on by a firm to its employees in return for their services

• Compensation and Benefits

• Compensation

• Benefits

This refers to a reward paid to an employee for the work they do for an organization

• Compensation and Benefits

• Compensation

• Benefits

 A non-monetary incentives given to employees like health benefits for which the employee doesn't have to pay

• Compensation and Benefits

• Compensation

• Benefits

This component of compensation and benefits refers to salary or wage which an employee will definitely get as long as he or she is an employee of the company

• Variable Pay

• Fixed Pay

• Equity Pay

This component of compensation and benefits refers to the additional compensation paid to employee based on employee's performance, company performance

• Variable Pay

• Fixed Pay

• Equity Pay

 A factor that exist within the organization and influence the pay structure of the company

• Internal Factor

• External Factor

This is one of the major internal factor in compensation strategy which states that the rate for a particular job, within a particular market is based on research and salary studies

• Market Compensation Policy

• Market Plus Philosophy

• Market Minus Philosophy

Determine if the statement is True or False.

Market Minus Philosophy Strategy pays a particular percentage less than the market.

• True

• False

The organization that uses this philosophy will determine the going rate and add a percentage to that rate, such as 5 percent

• Market Compensation Policy

• Market Plus Philosophy

• Market Minus Philosophy

This factor exists outside of the organization but do affect the employee compensation in one or the other way

• Internal Factor

• External Factor