Monday, 26 March 2012

Components of Compensation | Types of Compensation

components of compensation what are the components of components of compensation …

 

 

 

Components of Compensation :-following are the components of compensation

                          1. financial compensation
                          2. non financial compensation

 

1. financial compensation :- following are the financial compensation. 

# wage and salary :- wages represents hourly rates of pay. and salary refers to monthly rates of pay.

# Incentives :- “payment by result” incentive depend upon productivity, sales, profit or cost reduction efforts.

# fringe benefits :- these include such benefits as provident fund, gravity, medical care, accident reliefs, heath insurance, canteen uniform, recreation and the like.

#  perquisites :- includes company car, club membership, paid holiday, etc.


2. non financial compensation :- following are the non financial compensation.

# challenging job responsibility

# growth prospects

# comfortable working condition

# job sharing and flexi time

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