Compensation and Benefits

Compensation and benefits are important because they can help attract and retain talented
employees. Companies must provide a solid benefits and pay package to remain competitive. Any
intelligent worker would recognize their worth and strive to get the finest benefits and compensation
package available.

•Commissions
•Employee training
•Bonuses
•Paid Vacation
•Sick Leave
•Parental Leave
•Health Insurance
•Life Insurance
•Workplace Flexibility
•Wellness Program
•Profit Sharing
•Retirement

Commissions- are a lump sum payment made to an employee after they successfully complete a task,
typically by selling a specified volume of goods or services. Sales commissions are a common incentive
used by employers to boost employee productivity. A commission can be paid instead of or in
addition to a salary.

Employee training- is another excellent strategy for keeping outstanding staff members on board.
Give them the means and funds to do so.

Bonuses- Everyone wants to and loves being appreciated. And when you understand employees for
their hard work and achievements, they continue to perform well. Rewarding them for their
performance motivates and encourages them to achieve goals more effectively.

Paid Vacation- these are benefits where an employee is paid even when he takes time off from work.
An extension of this benefit is providing unlimited vacation. Many companies providing this benefit
have seen it be the most popular benefit among their employees.

Sick leave- Taking care of your health is important. When employees will be weak but still have to
work, it will directly affect their productivity and efficiency. So creating a policy where they can avail
paid sick leaves is a great way to show that you care for your employees’ well-being.

Parental Leave- It’s providing paid time off to employees to take care of their child or a family
member. Parental leaves can be in the form of paternity leaves, maternity leaves or even adoption.

Health Insurance - When it comes down to it, the quality of health benefits is directly correlated with
employee satisfaction in the workplace. These include the insurance from dental and medical.

Life Insurance- plans are great ways to show your employees that you care about them. The
organization pays specific amounts of money to cover an employee’s medical care. These include
insurance for losses from accidents, disability, sudden death, dismemberment. Other types of medical
care involve dental checkups, biometric screening, etc.

Workplace Flexibility- Taking time off without pay can be financially straining if an unforeseen event
should arise. Stress over money takes both a mental and physical toll on workers, increasing health
related costs and significantly decreasing productivity Employees hold flexible pay and schedules in
high regard, listing them in the top reasons to stay with a company.
Wellness Program- One of the biggest employee benefit trends this year is building a company culture
of health as a way to create and maintain a healthy and productive workforce. As such, many
companies put wellness programs in place to keep their employees active, happy, healthy,

Profit-Sharing- It is a compensation program to award eligible employees a share of the company’s

profits. The company contributes a portion of its pre-tax profits to a pool that gets distributed among
eligible employees. This motivates employees to work towards increasing the profitability of the
company. It also enhances commitment to organizational goals.

Some more unconventional employee benefits include :

Pet-friendly office
Free food and beverages
Movie, concert and match tickets
Free library membership
Paid time off to volunteer
Clubs- photography, board game, music clubs

Retirement- provide employees a safety net, and a retirement solution that allows them to enjoy their
lives after ending their careers.