5. Reward and Remuneration

Word

Example

compensation

Compensation refers to the total payment employees receive for their work, including salary and benefits

salary

The company offers a competitive salary to attract and retain top talent

bonus

Employees are eligible for an annual bonus based on company performance

incentive

Sales teams are offered performance-based incentives to increase motivation and results

benefits

Benefits such as health insurance and retirement plans are part of the total compensation package

commission

Sales representatives earn a commission for each sale they complete

pay scale

The company uses a pay scale to ensure that employees are compensated fairly according to their role and experience

overtime pay

Overtime pay is provided for employees who work beyond their regular hours

annual salary review

An annual salary review helps ensure that employee compensation stays competitive with market trends

compensation package

A compensation package includes salary, benefits, bonuses, and other perks offered to employees

base salary

The base salary is the fixed amount an employee earns, excluding bonuses or incentives

salary increment

Salary increments are given based on performance and length of service

equity compensation

Equity compensation allows employees to receive stock options or shares in the company

total rewards

Total rewards include not just salary and bonuses, but also benefits, recognition, and career development opportunities

pay structure

A clear pay structure ensures transparency and fairness in employee compensation

non-monetary rewards

Non-monetary rewards, such as recognition or extra time off, are also an important part of employee motivation

job perks

Job perks like free meals, gym memberships, or flexible working hours enhance the employee experience

bonus scheme

The bonus scheme is designed to reward employees for achieving company goals and targets

recognition program

A recognition program helps employees feel valued by acknowledging their hard work and achievements

retention bonus

A retention bonus is offered to employees to encourage them to stay with the company for a longer period

profit-sharing

Profit-sharing allows employees to receive a portion of the company's profits as a reward for their contribution

performance bonus

Performance bonuses are given to employees who meet or exceed their performance targets

variable compensation

Variable compensation is based on factors such as performance, sales, or profits

pay equity

Pay equity ensures that employees are paid fairly for equal work, regardless of gender or other factors

salary benchmarking

Salary benchmarking is the process of comparing company pay rates with those of other organizations in the same industry

flexible benefits

Flexible benefits give employees the option to choose the benefits that best suit their needs

healthcare benefits

Healthcare benefits often include coverage for medical, dental, and vision care

retirement plan

The company offers a retirement plan that includes employer contributions to employees' pension funds

stock options

Employees can purchase company stock at a discounted price through stock options

fringe benefits

Fringe benefits can include items like company cars, housing allowances, or educational reimbursements

job satisfaction

Job satisfaction is often linked to compensation, but also to workplace culture and career development opportunities

employee appreciation

Employee appreciation can be shown through thank-you notes, recognition programs, or public acknowledgment

salary negotiation

Salary negotiation is an important part of the hiring process, ensuring that both the employee and employer agree on compensation

compensation strategy

A compensation strategy defines how a company will reward employees in alignment with its business goals and values

salary survey

A salary survey helps companies determine the competitive salary rates for their industry and region

health and wellness benefits

Health and wellness benefits include gym memberships, mental health support, and wellness programs

taxable benefits

Taxable benefits are perks that are subject to taxation, such as company cars or housing allowances

commission-based pay

Commission-based pay is common in sales roles, where employees earn a percentage of their sales

pay for performance

Pay-for-performance systems link compensation to individual, team, or company performance

monetary rewards

Monetary rewards, such as bonuses or salary increases, are a direct way to compensate employees for their efforts

employee benefits package

An employee benefits package may include health insurance, retirement savings, and paid time off

total compensation

Total compensation considers all forms of pay and benefits provided to an employee

salary flexibility

Salary flexibility allows employers to offer competitive compensation based on individual experience and qualifications