Question

Differentiate among the three types of compensation.

Describe orientation, training, and development

Answer 1

The three types of Compensationn are- Wages, Incentives and Bonuses. Difference among the three are as follows:
Wages is the basic pay which is given to an employee in exchange for doing the job he was hired to do, Incentive is a payment over and above the wage and salary paid to an employee which can be in the form of share in profits, commission, bonus etc., Benefits are generally of non monetary and are given in kind to an employee which may help in improving his status and standard of living.

Orientation- Orientation is basically introduction of an employee to the job and its environment so that employee acquires the basic knowledge about the employer and is able to perform his job satisfactorily. It gives details to employee on what his responsibilities are, how his job will be evaluated, how his job helps towards company's goals and remove any anxiety or unrealistic expectations that the employee may have towards the new job.
Training - Training is given to employees after hiring so that they can perform their job properly. Training is also given to existing employees for improvement in skill and performance of the employee so that they can perform their current job better as well as take over new and advanced challenges.If the employee does not improve his working than the job becomes stagnant. Training helps in changing the attitudes of an employee towards their job, co-workers, superiors and the organization as a whole.
Development - Development means growth, improvement and positive change. For employees, it is important to develop themselves so that they can prove to the organization what their work and efforts are worth towards organization's goals. With support of their employer, employee goes through various trainings which helps in his development by improving their skills and performance as well as acquiring new skills.

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