Descriptions of Compensation & Benefits

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Compensation & Benefits

(adsbygoogle = window.adsbygoogle || []).push({}); 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 ...

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 ...

Compensation Carve-out

A compensation carve-out refers to the policy of keeping away a portion of the increase in compensation budget for the highest performing employees. This method is used as a pay for performance measure by many organizations to induce performance amongst ...

Deferred Compensation

Portion of earned Income that is paid to the employee at a later date is named as Deferred Compensation. This is usually practiced to defer tax to a future date when the rate is lower. Examples: -Retirement plan -Pension -Employee stock option All ...

Compensation

Compensation is something, most usually money, which is given to the employees of an organization or company as payment or reparation for their service towards the organization or because of their loss incurred due to any organizational activity. Compensation ...

Compensation & Benefits

Compensation and benefits refers to the compensation/salary and other monetary and non-monetary benefits passed on by a firm to its employees. This can include various components: Fixed pay : This is the basic salary paid to the employee irrespective ...

20 ways to motivate your employees without raising their pay

It is a costly mistake to get lost in the false theory that more money equals happy employees. Believing this is costing you valuable time, revenue, employees…and even threatening your own job. Cash will always be a major factor in motivating ...
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