Innovating Compensation and Performance Analysis: The Technological Edge

Source: https://www.bing.com/images Nowadays, employees are demanding employers for better compensation and benefits that go beyond a salary raise. This leads to more companies creating a more attractive employment package for new hires and current employees alike. Compensation and benefits play a significant role in an employee choosing a job position and influences an employee’s motivation to work. The two terms go together but mean different things. Compensation is a reward paid to employees for their work in the company. It is usually monetary and is composed of different kinds of compensation such as the basic salary, performance-based bonus, and commission-rate remuneration. At the same time, benefits are non-monetary rewards given to employees for their work. These are the extra perks provided to employees, such as healthcare, insurance plans, paid vacation time, company car, free meals, and flexible work schedules. The benefits are often determined by the employee’s positio...