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Compensation

From Academic Kids

Compensation could refer to:

  • The restitution for an injury suffered
  • Compensation, an essay by Ralph Waldo Emerson
  • In chess, compensation refers to an advantage one player has to offset some other (generally material) disadvantage.
  • In human resources, it looks at the pay structures within organizations.
    • Some of the main issues in the area of compensations are:
      • How much should companies pay to attract, retain, and motivate employees?
      • Should they pay salaries or variable rewards (a.k.a. piece-rate)?
      • Should they provide benefits, and if so, to what degree?
      • What's an appropriate discrepancy between the pay for high and low performers?
      • Would it make sense to provide stock options or stock bonuses?
      • Reinforcement mechanism (additional options grant, vesting schedule. etc) to retain top performers in the organization
    • Compensation is also tightly linked to employee appraisal. If you have poor ways of measuring performance, that has consequences for how compensation should be structured.

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