Components of compensation :
Employees also have greater expectations of what should be included in their compensation packages, and they may demand specific benefits that can be costly for small businesses. Costly or not, building a fair and attractive compensation package is critical for attracting and retaining employees.
There is two tipes of components of compensation. That is financial and non financial compensation. Financial compensation are wages & salary, incentives, fringe benefits and perquisites. Non financial compensation are Challenging Job Responsibilities,Growth Prospects, Supervision, Working Condition,Job Sharing & Security.
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