Comprehensive Essay on Compensation and Benefit Systems
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...Benefits, also referred to as fringe benefits, can be classified in a wide gap, ranging from retirement plans, life insurance, company motor vehicle, vacation, training prospects, housing allowances, wellness programs, leave donation, sick leaves among others. While some benefits... Compensation and Benefit systems Compensation can be defined as any way of rewarding the employees and workers of an organization for their efforts. On the other hand, benefits are all other financial and non-financial rewards that accrue to the employee though they might not necessarily be paid directly to him or her. Therefore, compensation and benefits are the remuneration of employees in the form of money and fringe...