Human Resource Management - Compensation & Benefit

Compensation and benefits refer to the benefits a firm provides to its employees in exchange for their labor.

When you receive a job offer, the first thing you look at is the salary.

However, compensation & benefit is far more than just the regular paycheck.

The goals of compensation & benefit are to attract people to work for your organization and to retain people who are already working in the organization.

Compensation is completely related to the money which is being paid to an employee i.e. salary. bonuses etc. 

Benefits are the non-monetary incentives given to employees like health benefits for which the employee doesn't have to pay.

Cafeteria Benefits Plans