compensation

What is another word for take over?

Some common synonyms of conquer are defeat, overcome, overthrow, reduce, subdue, and vanquish.

In this page you can discover 38 synonyms, antonyms, idiomatic expressions, and related words for ownership, like: owned, proprietorship, possession, having, deed, residence, dominion, seizin, holding, purchasing and purchase.

ability

• adroitness.
• bent.
• capability.
• cleverness.
• command.
• craft.
• deftness.
• expertise.

• damages,
• indemnification,
• indemnity,
• quittance,
• recompense,
• recoupment,
• redress,
• remuneration,

The objectives of compensation management are to attract, engage, and retain employees through competitive compensation plans that align with the company budget, corresponding job-market, and government regulations.

Principles of compensation management • Internal and external equity – Organization must compensate their employees according to their qualification, experience, skills, knowledge, job responsibilities and performance. This is called internal equity.

Different types of compensation include:

• Base Pay.
• Commissions.
• Overtime Pay.
• Bonuses, Profit Sharing, Merit Pay.
• Stock Options.
• Travel/Meal/Housing Allowance.
• Benefits including: dental, insurance, medical, vacation, leaves, retirement, taxes…

Components of Compensation Management – Wages and Salary, Incentives, Fringe Benefits, Perquisites and Non-Monetary Benefits

• Wages and Salary:
• Incentives:
• Fringe Benefits:
• Perquisites:
• Non-Monetary Benefits:

More generally, salary is determined by factors like title, skill set, level, location and more. Companies often approach individual compensation plans based on the candidate, too.

A compensation strategy lays out your organization’s point of view on how you will determine pay and benefits for employees. It aligns all of your compensation resources to your business goals, helps you decide where you want to compete, how competitive you need to be and what you choose to reward.

How to Develop a Strategic Compensation Strategy

1. Ask for Employee Input.
2. Benchmark against Competitors.
3. Allocate Budget.
4. Plan for Rewards.
5. Determine Pay Grades.
6. Confirm Compliance.
7. Communicate About Total Compensation.

Apple’s executive cash bonus plan is based on revenue and operating profit goals. There are Threshold, Target and Maximum levels with payouts of 100%, 200% and 400% of their base salaries.

Components of employee compensation

• Salary and wages. In a compensation package, these typically make up the single largest component.
• Bonuses.
• Federal/state pay requirements.
• Long-term incentives.
• Health insurance.
• Life and/or disability insurance.
• Retirement plan.
• Time off.

What is the difference between compensation and reward? Compensation is paid in the form of money, salary, bonus, $$$, often performance-based. A reward is something you receive when you achieve something.

Compensation management is vital for employee motivation. For many reasons, effective and fair compensation management is a must for every business. Employees who are recognized for the value they bring are more likely to be motivated, loyal and higher performing than those who’re not.

The fair compensation system will help in the following: 1. If an ideal compensation system is designed, it will have positive impact on the efficiency and results produced by workmen. 2. Such system will encourage the normal worker to perform better and achieve the standards fixed.

Direct compensation can be defined as “all compensation (base salary and/or incentive pay) that is paid directly to an employee.” Indirect compensation can be defined as “compensation that is not paid directly to an employee and is calculated in addition to base salary and incentive pay (e.g., employer-paid portions of …

Compensation is perhaps the most frequently used motivator. It works, but studies show that only the prospect of receiving money in the near future is a strong enough motivator to change behavior. Once the employee receives the money, its power to motivate ends very quickly. Some studies say within a week.

The strategy should include the organization’s approach to allocating compensation dollars into salary and benefits. This budget allocation will determine how much of the total compensation budget will be spent on salary and what percentage will be spent on benefits and other incentives.