Compensation is the results or rewards that the employee receives in return for their work. Also, It includes profit sharing, Overtime payment, bonuses, sales commissions, recognition rewards, etc.
Wages and salary
wages mark hourly rates of pay and salary marks as monthly rates of pay for an employee.
Allowances
Incentives and performance-based pay
For example Bonuses, gain-sharing, commissions on the sale
Fringe Benefits
This includes employee benefits such as medical facilities, accident relief, canteen, uniform, recreation, etc.
‘Welfare’ term refers to the totality of certain facilities and comforts given in addition to wages, salary, and incentives.
Find out moreTraining & Development is a formal process of changing employee behavior and motivation in a way that will enhance employee job performance and then the organization's overall performance.
Find out moreThe reward can be defined as the achievements and benefits that employees receive for their job performance in an organization.
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