Compensation is the reward, both monetary and non-monetary that you give to the employees in exchange for their work. Expenditure on employees is one of the biggest expenses for all businesses.
Devising a compensation strategy is quintessential for all companies. These must be structured, affordable and competitive. They must meet the business requirements well to allow you to compete with large companies alongside. So, as an exchange compensation, the elements must be involved in such a way that leads to attraction and retention of employees.
At Alliance Digital Corporation Banque
, we help you in devising the right exchange compensation strategies allowing you to stand apart from the competitors. After all, you must bring your company’s prerequisites to the limelight.
Salary and wages: It is the fixed amount paid to the employees when they provide their services. These can be on a monthly, weekly, daily and even hourly basis. It depends on whether an individual is working part-time or full-time.
These are crucial to bringing the best employees on board. The major types of incentives include:
- Bonuses: This involves providing rewards to individuals for achieving performance-related goals.
- Profit-sharing: The payment is related to the company’s profits. A pre-decided percentage of profits is given to the employees.
- Stock options: The individuals are provided with the option to get the company’s shares at a specified price during a given time.