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The compensation also includes various bonuses for an employee’s salary. Some examples of bonuses are: Stock options. Ideally, the compensation will provide a powerful monetary incentive for the employee, but it’s not the most critical aspect of the total rewards strategy. End-of-the-year bonus. Christmas bonus.
The Lilly Ledbetter Fair Pay Act of 2009 is a law enacted by Congress that strengthened worker protections against discrimination in pay. Finding the right balance can be challenging, so many organizations participate in and/or purchase compensation benchmark surveys for their specific industry. Components of a compensation philosophy.
Calculate costs Program costs: Include expenses for recognition events, awards, bonuses, and any software or tools used for managing the program. Turnover rates: Track employee turnover rates and compare them to industry benchmarks or historical data within the company. Citations 1.
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