It refers to the compensation an employee receives in the form of money or other benefits for their work or services to the organization. The compensation offered by the employer can be both monetary and non-monetary. These compensations usually involve; base salary, wages, bonuses, commissions, overtime pay, holiday, vacation, and sick pay.
A variety of compensation are available to the employees, including:
Offering it to employees is an effective way to motivate them to work harder for new goals. Furthermore, it gives organizations a competitive edge because skilled candidates prefer to join an organization that offers such remuneration benefits.
No, salary is a part of the remuneration. It only includes the base salary. Reimbursements, bonuses, overtime, etc., are just an addition to the remuneration of an employee.
Get 20% off on
HR & Payroll Software