Smart goals are specific, measurable, achievable, and time-bound objectives designed to enhance goal-setting effectiveness. Smart goals provide clarity and focus by setting specific criteria, making them more attainable. Measurable aspects enable progress tracking, ensuring accountability. Achievability ensures goals are realistic, promoting motivation and success. Relevance aligns goals with broader objectives, enhancing overall impact. Time-bound elements establish deadlines, fostering a sense of urgency.
Compensation and benefits refer to everything an organization is offering to an employee. This compensation and list of benefits could be in the form of financial aid, incentivized bonuses, vacation surplus, insurances, and more.
In HR management, compensation and employee benefits are the renumeration that a business provides to the employee for the services they render to the org. It helps set incentives, and, in turn, helps the employees stay motivated to achieve more and achieve fast.
Primarily, there are four types of compensation that can be offered to employees, and these are hourly, salary, commission, and bonuses.
Compensation is the monetary provisions that are provided to the employees by the hiring organization. This financial aid is provided to the employee in terms of wages, salaries, tips, and more. While benefits can be monetary and non-monetary that are presented to the employees in the form of value, in exchange for their services.
Compensations and benefits are an important aspect of human resource management as it helps the workforce keep going. These compensations keep the workforce motivated to achieve more. It helps the organization award its employees on the basis of their performance and helps them excel at every venture they undertake.