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Types of Compensation: Everything HR Needs to Know

HR Lineup

Variable Pay: Performance-Based Incentives Variable pay, also known as performance-based pay, includes bonuses, commissions, and profit-sharing plans. Crafting a comprehensive benefits package that meets the diverse needs of employees while staying competitive in the job market is a key responsibility for HR.

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Employee Retention Strategies Go Beyond Competitive Salaries

HR Digest

Other employee retention examples include comprehensive benefits packages that are tailor-made to suit the employees’ welfare. This could include health benefits, time off, retirement assistance, etc. Here, other forms of monetary compensation are useful as well.

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A Comprehensive Guide to Total Rewards (And How to Master It)

Vantage Circle

Some non-monetary rewards include opportunities to learn and grow, extra time off, profit-sharing plans , wellness memberships, etc. It's a guaranteed strategy that boosts profits, employee retention, and employee satisfaction. Also Read: Top 9 Non-monetary Incentives To Motivate And Retain Your Employees.

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