Page 75 - Appreciating Organization's Biggest Assets

Apart from that, this methodology benefits like free food, unlimited
enables us to understand the paid time off, excellent healthcare,
dynamics as well as similarities bonuses, etc. in exchange for
in the employee compensation their labour and skills. All of this
and benefits prevailing in the is included in the employees’
e-commerce sector. The sources remuneration, which may or may
used for obtaining secondary not be monetary in character.
data comprise of research papers, “Benefits” on the other hand, relate
journals, articles, and websites. to non-monetary compensation
Literature review given to an employee as a mark of
gratitude for their job. Popular
As they have a direct bearing on employee perks include a casual
an employee’s performance and dress code, remote work options,
motivation at work, compensation access to gym memberships, catered
and benefits are significant factors meals, and flexible work hours.
in determining how satisfied an (Maggie Wooll, 2022)
employee is with their employment.
There are several crucial differences “If you pick the right people and
between compensation and benefit, give them the opportunity to spread
even though they both appear to their wings and put compensation
the employee to be the same thing— as a carrier behind it, you almost
remuneration from the employer. don’t have to manage them.” – Jack
Welch
The term “compensation” refers
to a reward given to a worker in Differences between
exchange for the work they perform Compensation and Benefits:
for a company. When an employee Source: Difference Between
works for a company, they are Compensation and Benefits,
rewarded financially and with keydifferences.com, Surbhi S (2017).

Sr. No. Compensation Benefits
All benefits provided by an employer to
1 a worker in return for their labour are Benefits are a part of
collectively referred to as compensation. Compensation.
Employees are
The best talent can be attracted by an encouraged to
2
organization through compensation. perform better by
offering benefits.

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