BENEFITS
Employee benefits are various non-wage compensations provided to employees in addition to their normal wages or salaries. Some of these benefits are retirement benefits, financial reimbursement. A payment or entitlement such as one made under insurance policy or employment agreement, or public assistance program. It also one of the best ways for a worker to acquire the experience and training to get established in a career.
COMPENSATION
Compensation will be perceived by employees as fair if based on systematic components. It may also be used as a reward for exceptional job performance such as bonuses, commissions, stock, profit sharing, gain sharing.
Compensation is a tool used by management for a variety of purposes to further the existance of the company. It is a form of insurance that provides wage replacement and medical benefits for employees who are injured in the course of employment.
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