Compensation includes direct compensation and indirect compensation. Direct compensation includes salary and other incentive plans by the company. Salary is the base pay, which is determined by the human resources managers (HR) or the compensation managers. They do not set an ideal salary for a position; instead, they set a salary range. The other type of direct compensation includes commissions, bonuses, incentives, etc. Indirect compensation is a type of non-monetary benefits. Indirect compensation includes employee training, workshops, certification programs, career development programs, etc. Compensation sometimes includes non-monetary benefits as well depending on organization to organization. Some of the examples of compensation are salary, wages, overtime pay, commission, bonus, profit-share, etc.
Benefits are non-monetary incentives offered to the employees. Benefits offered to an employee differ from company to company. Benefits are the extra or the additional value and reward that the employee gets over and above the compensation.
Retirement benefits, healthcare benefits, stock options, reimbursements like meals, travelling, telephone expenses, etc are some examples of benefits that the company offers to its employees.
Both compensation and benefits are essential for keeping the employees happy and satisfied.
Importance of compensation and benefits
The importance of compensation and benefits provided by any company are listed below:
Keeps the employee motivated:
Happy and satisfied employees work for the company for a longer period. The motivation given to the employees helps them to work in an efficient way. Giving employees a bonus or offering them any benefits is a way of telling the employees that the company sees their work and appreciates it.
Boosts employee confidence:
When the employees are directly or indirectly rewarded for their performance, it boosts their confidence and helps them to achieve more and more. A confident employee performs the work faster.
Employee retention:
When the company focuses on a good compensation plan, it creates a good environment for both the company and the employees. When the employees work efficiently and achieve the organizational goals, and the company provides them with the right compensation as per the industry standards including the benefits or rewards it’s a win-win situation for both the company and the employee. When the companies keep the employees happy and satisfied, employees tend to stay for a long period, ensuring employee loyalty towards the company.
Difference between compensation and benefits
Even though compensation and benefits are related, the concepts when closely looked upon are a little different. The key differences between compensation and benefits are listed below:
Objective:
The main objective of compensation is employee retention. Employees should be paid enough according to their skills and knowledge. When an employee is underpaid, they start getting dissatisfied with the job and then start looking for options. Benefits are given to the employees to motivate them and keep them satisfied. When the employee is satisfied and happy with the job, they will work dedicatedly and perform better in return helping the company to achieve their goals.
Nature of expense:
Compensations are mainly of monetary value while benefits are of non-monetary value. Compensation sometimes includes non-monetary benefits depending on organization to organization. Compensation is paid to the employees for performing the work and benefits are offered to the employees on top of the compensation.
Types:
Companies offer compensation to employees on a weekly basis, fortnight basis, and monthly basis. Companies also provide employees with commission or profit-share based compensation, which is dependent on the targets set by the company. When the employees meet the target, they are entitled to the commission promised by the company. Some of the types of benefits include company housing, stock options, etc.
Performance-based and membership-based:
Compensations are based on performance while benefits are based on the company membership. Companies provide compensation based on the work performed and sometimes a bonus is also given to the employees for performing well. Regardless of the work performed, employees are given benefits.
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