Total rewards Glossary
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Compensation

Compensation

Compensation

Compensation refers to the total amount of monetary and non-monetary benefits that an employee receives in exchange for their work. This can include salary, bonuses, benefits, and perks.

Conduct regular market research to ensure that your compensation package is competitive
Offer a variety of compensation options, including bonuses, benefits, and perks
Be transparent with employees about how compensation decisions are made
Provide opportunities for employees to earn additional compensation through performance-based rewards and recognition programmes.

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Total rewards can be intimidating—but Awardco makes it easy to build culture, drive behavior, and recognize the good around you. Learn more about how we help enhance your total rewards today.

What is the importance of compensation?

Compensation helps companies attract and retain top talent, motivates employees to perform at their best, and improves overall employee satisfaction. 

How does compensation drive employee engagement and motivation?

Compensation is a powerful tool for motivating and engaging employees. By providing fair and competitive compensation, companies can help employees feel valued and appreciated, which can lead to increased job satisfaction and motivation. 

Best Practices

Best practices

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