Compensation refers to the total monetary and non-monetary rewards that an employee receives in exchange for their work and contributions to an organization. This can include salary, wages, bonuses, benefits such as health insurance and retirement plans, and other perks like paid time off or stock options. Compensation is designed to attract, motivate, and retain employees by ensuring that their contributions are recognized and rewarded appropriately. It serves as a major factor in employee satisfaction and plays a crucial role in an organization’s overall performance and culture.
The job market has undergone significant changes in recent years, with remote work and hybrid employment becoming increasingly common in many industries. As a result, positions that offer flexibility in…