MGT 420 Study Guide - Final Guide: Perforin, John Millikin
Document Summary
Compensation is the set of rewards that organization provide to individuals in return for their willingness to perform various jobs and tasks within the organization. Benefits generally refer to the various rewards, incentives, and other things of value that an organization provides to its employees beyond their wages, salaries, and other forms of direct compensation. Internal equity in compensation refers to comparisons made by employees to other employees within the same organization. External equity in compensation refers to comparisons made by employees to others employed by different organizations performing similar jobs. Pay surveys are surveys of compensation paid to employees by other employers in a particular geographic area, industry, or occupational group. Wages generally refer to hourly compensation paid to operating employees; the basis for wages is time. Salary is income paid to an individual on the basis of performance, not on the basis of time.
