Overview - Compensation System
Topic
A compensation system is the sum total of all monetary and non-monetary benefits provided to employees in exchange for their work.
Direct financial compensation includes compensation that has financial value ie. money paid directly to the employee.
Indirect financial compensation includes compensation that has financial value but does not consist of a direct monetary payment to an employee.
In this module, we will look at the distinctions in compensation and how each used to attract and retain employees.
Objectives
By the end of this module, you will be able to...
- Demonstrate general knowledge related to compensation systems
- Differentiate between the different components that make up a compensation system
- Be able to understand enough about the foundations of a compensation system to create a compensation plan for a work environment
ACTIVITIES
| Reading: COURSE READER pp 126 - |
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