Employee compensation
Employee compensation (alternatively known as total compensation, total employee compensation, compensation and benefits or C&B, or, simply, compensation; hereinafter, the Compensation) is the aggregate of cash remuneration and employee benefits that an employee receives or can expect to receive in exchange for the service he or she performs for their employer and/or for his or her time spent on the employer's request.
In addition, total compensation may also refer to the total amount of the Compensation, while compensation and benefits (C&B) may refer to the sub-discipline of human resources that is focused on employee compensation and benefits policy-making.
Components
The common components of the Compensation are as follows.
Cash remuneration
- Main wikipage: Cash remuneration
Employee benefit
- Main wikipage: Employee benefit
Definitions
According to the ASME EMBOK,
- Compensation. Items earned by the employee for the job that they do such as salary, benefits package, bonuses and rewards.
According to the HRBoK Guide,
- Compensation. Salary and benefits. Everything that an employee receives for working, including pay and nonmonetary benefits.
