Difference between direct, indirect and non-financial compensation

(adsbygoogle = window.adsbygoogle || []).push({}); By definition, compensation can be understood as total amount of the monetary and non-monetary reimbursement provided to an individual in return for labour. Within this act of repayment, ...

Direct Benefits

(adsbygoogle = window.adsbygoogle || []).push({}); Direct benefits are optional, non-wage compensation provided to employees in addition to their normal wages or salaries. These types of benefits may include group insurance (health, ...

Compensation Reward and Recognition

This discipline covers the various forms of direct compensation—i.e. employee’s pay including variable pay, short and long term incentives, company stock awards, as well as promotions and pay increases. It also deals with indirect compensation ...

Common Employee benefits

Child and Elder care benefits Child care and elder care are becoming more prevalent in benefits packages. If these issues affect your life, find out what the employer offers either in terms of payment or referrals. Compensation time While few nonprofit ...

Theories of Compensation Management

Definition: The Compensation is the remuneration given to the employees for the work they do for the organization. In other words, an employee is entitled to both the financial and the nonfinancial benefits in return for his contribution to the organization. To ...

Descriptions of Compensation & Benefits

Compensation can be linked to business structure and employee recruitment, retention, motivation, performance, feedback, and satisfaction and are typically among the first things potential employees consider when looking for employment. For employees, ...

Compensation & Benefits

When most people hear the term compensation they think about “what a person is paid”. Although this is true, it is only one aspect of a complex topic. Compensation includes not only salary, but also the direct and indirect rewards and ...

Merit Increases

Salary increases are granted to eligible employees in career positions based upon their job performance. Merit eligibility is contingent upon completing three months of service in PPSM. The amount of the increase depends upon the individual’s ...

What Is Skill Based Pay?

Definition Skill‐based pay (SBP) is a compensation system that rewards employees with additional pay in exchange for formal certification of the employee’s mastery of skills, knowledge, and/or competencies. Skill is acquired and observable expertise ...

Compensation Management

Before reading the compensation management topic, one should know the impact of compensation system on the organisation and its gravity if it is not managed effectively. First and last word on compensation management is that, it is core and direct ...
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