Compensation as a reflection of your company’s values
Compensation consists of three things: direct compensation like wages and salaries, bonuses, commissions, and incentives. Indirect compensation includes many benefits like health insurance, disability insurance, and long term care insurance, tuition reimbursement, and childcare provided by the employer. Finally, non-financial compensation makes up the third component including reward and recognition programs, organizational support and employee assistance, family friendly work policies, a supportive environment, flexible scheduling, and satisfying work. The way a business allocates resources and attention to these three areas send a message about what your employees mean to you and what you value as an employer. Think about the message you want to send and align our compensation philosophy and programs to your corporate values. Show your employees they matter by providing the right mix of the three components to meet both the needs of the organization and your employees.