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Real Leaders by Lily Cheng, Peter Cheng

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CHAPTER 23: COMPENSATION AND PERFORMANCE-BASED PAY

Total compensation is the way in which an organisation rewards contributions. It consists of the organisation’s integrated policies, processes and practices for rewarding its employees in accordance with individual contributions, skills, competence levels and market worth.

To serve its purpose of encouraging peak performance, the total compensation system should consist of performance management processes as well as financial rewards (fixed and variable performance-based pay), employee benefits, and non-financial rewards. Non-financial rewards can take on the various forms of recognition, praise, personal growth opportunities and a sense of achievement.

COMPENSATION: ROLES AND RESPONSIBILITIES ...

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