Glossary of Employee Recognition, Total Rewards, and Company Culture Terms
Compensation refers to the total amount of monetary and non-monetary benefits that an employee receives in exchange for their work. This can include salary, bonuses, benefits, and perks.
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Compensation helps companies attract and retain top talent, motivates employees to perform at their best, and improves overall employee satisfaction.
Compensation is a powerful tool for motivating and engaging employees. By providing fair and competitive compensation, companies can help employees feel valued and appreciated, which can lead to increased job satisfaction and motivation.
When it comes to Compensation, it's important for companies to be fair, transparent, and competitive. Here are some best practices:
By incorporating these best practices, companies can use Compensation to attract and retain top talent, motivate employees, and improve overall employee satisfaction.