What is a CompensationWhat is a CompensationPackage?Package?
The compensation package comprises of monetary and The compensation package comprises of monetary andnon-monetary benefits that includes salary, specialnon-monetary benefits that includes salary, specialallowances, house rent allowance, travel allowance, mobileallowances, house rent allowance, travel allowance, mobileallowance, employee stock options, club memberships,allowance, employee stock options, club memberships,accommodations, retirement benefits and other benefits.accommodations, retirement benefits and other benefits.It may include a number of other benefits, includingIt may include a number of other benefits, includinginsurance,insurance,employee discountsemployee discounts, extended leaves, and, extended leaves, andretirement programs.retirement programs. The basictoolsof any compensation system
Performance appraisal The basic goals of any compensation system The basic goals of any compensation system
to retain high quality employeesto retain high quality employees
to stimulate high performanceto stimulate high performance
to attract high quality employeesto attract high quality employees