Compensation is a critical aspect of human resource management.1 It involves providing monetary and non-monetary rewards to employees in exchange for their work.2 A well-designed compensation strategy can attract and retain top talent, boost employee morale, and drive organizational performance.3 Key Components of Compensation Compensation typically consists of two main components: Factors Influencing Compensation Decisions…
Overtime compensation is additional pay that employees receive for working more than the standard number of hours per week or day. It’s designed to compensate employees for the extra effort and time they put in. Key Factors Affecting Overtime Compensation Calculating Overtime Pay To calculate overtime pay, you need to determine the regular hourly rate…
Compensation refers to the total rewards that an employee receives for their work. It encompasses both monetary and non-monetary elements. Components of Compensation Direct Compensation Indirect Compensation Factors Affecting Compensation Several factors influence compensation decisions: Compensation Strategies Organizations use various compensation strategies to attract, motivate, and retain talent: Importance of Effective Compensation By understanding the…