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Explain Compensation

Compensation: It is the total cash and non-cash payment provided by an employer to an employee in return for the services rendered to the corporation. Apart from wages and salary, compensation too includes:

• Sales commission,
• Overtime reimburse,
• Bonuses,
• Gain sharing,
• Recognition checks and prizes,
• Non-cash advantages, like company-paid accommodations, some stock options, a company-financed car and other non-cash taxable items.

Value of compensation received by an employee totally depends on a number of factors like the accessibility of relevant skills, the employer’s wish to retain the worker, the profitability of the company, and wages for comparable jobs in the market place.

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