Compensation is the
total amount of the
monetary
and nonmonetary pay provided
to an employee by an
employer in return for
work
performed
as
required.
Compensation
also
includes payments such
as
bonuses,
profit
sharing, overtime pay,
recognition rewards and
checks,
and
sales
commission.
The ultimate goal of compensation planning is to
reward and encourage employees to do well in their
jobs. Some of the objectives are sought to be
achieved through effective compensation planning
like:
Entice the employees
 Retain the best talent
 Ensure equity
 Reward new ideas and
behaviors
 Cost control
 Compliance
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Classification of Salary Components
Compensation Structure
Governance/Compliance
Sample Salary Component Structure
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