What are the components of the total compensation package, and what is the relative importance of...
What are the components of the total compensation package, and what is the relative importance of each?
When you have been job hunting, what aspect of an organization's compensation package have attracted you most? What has been least important?
What component of compensation do you wish you currently had but don't at your present employer? Why?
Homework Answers
1: The major components of total compensation package are
- Salary and wages. ... This depends on the particular role, experience of the employee.
- Bonuses. ...The additional monetory benefit which is majorly based on the performance and companys salary policy.
- Long-term incentives. ... This is based on long term tenure and commitment of the employee
- Health insurance. ...
- Retirement plans. ... After service benefit from the organization
- Time off and flexible schedules. ... This is given inorder to provide work life balance and encourage employee to manage their personal life along with work.
- Life and/or disability insurance. ...
- Miscellaneous compensation.
2: The most attractive one was performance bonus which is actually give motivation for an employee to work hard and being in positive compeitition.
3: The one which I would like to have is work from option. This would have been better in certain cases where I need to be with my family and I can manage my work along with it. This option is not there in my current organization.
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What are the components of the total compensation package, and
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