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Meaning & Definition

Compensation and Benefits

Compensation and benefits refers to the compensation/salary and other monetary and non-monetary benefits passed on by a firm to its employees. Compensation and benefits is an important aspect of HRM as it helps to keep the workforce motivated. It helps give benefits to employees based on their performance and actions and brings the best out the employees at workplace.

Employee compensation and benefits are divided into four basic categories

  1. Guaranteed pay 
  2. The Variable pay 
  3. Benefits 
  4. Equity-based compensation

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