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Direct and indirect compensation that can be offered to employees.In business, compensation is majorly classified into two major forms i.e. direct and indirect compensation that can be offered to employees.

Direct and indirect compensation that can be offered to employees.In business, compensation is majorly classified into two major forms i.e. direct and indirect compensation that…

Direct and indirect compensation that can be offered to employees.In business, compensation is majorly classified into two major forms i.e. direct and indirect compensation that can be offered to employees.
In business, compensation is majorly classified into two major forms i.e. direct and indirect compensation that can be offered to employees. The choice of compensation adopted depends on the organization or business offering the job to be compensated or the type of employees. Whether direct or indirect, compensation can be long term or short time. There are different types of compensation and benefits that a business can adopt in rewarding their employees for the jobs they have done, some of which are discussed below.
Salaries
It is customarily a set of remuneration given to an employee over a defined or described period which can be a month or a year depending on the agreement between the employer and the employee. The frequency of payment is also considered to be another part of the relevant compensation depending on the industry standards. Many businesses, however, pay for the employees’ services once or twice a month. It is the most common tool for paying licensed or professional employees. The employers always expect a long-term commitment from the workers to enable them to provide a regular and uninterrupted compensation (Biswas, 2012). It is advantageous to use salary as a compensation method because it provides job and economic security since the employee knows he will always get a paycheck at the end of the expected period, thus settling personal bills is easier. Because of a long time of work, it brings economic stability and benefits such as health insurance offers and allowances among other fringe benefits. Salaried positions are mostly followed by training programs that improve the skills of the employees even for future benefits. However, salaried employees have lowered commission rate and less freedom as you are required to meet some requirement within a specific period (Rumbauskas, 2010).

 

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Direct and indirect compensation that can be offered to employees.In business, compensation is majorly classified into two major forms i.e. direct and indirect compensation that can be offered to employees.

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