Based on the seniority, responsibility and position of an employee, there are various types of compensation plans:
1. Executive compensation for CEOs, managing directors, chairman etc. Mostly salaries and perks are decided by the compensation committee.
2. Workers compensation is the salary and wages provided to employees and workers.
All these summarize an overall description about compensation in HRM.
Hence, this concludes the definition of Compensation along with its overview.
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