When most people hear the term compensation they think about "what a person is paid". Although this
is true, it is only one aspect of a complex topic. Compensation includes not only salary, but also
the direct and indirect rewards and benefits the employee is provided with in return for their contribution
to the organization.
To determine compensation, organizations should develop a compensation and rewards program. The key philosophy is to develop and establish an equitable process for compensating employees from a cash and non-cash perspectives. A well-structured program with a good balance of wages, benefits and rewards will support an organization to remain competitive in today's labour market and ensure sustainability in the future. However, this can only be achieved if the program is founded on the processes of job evaluation, job grading, salary structuring and harmonization of employee benefits to provide a holistic approach.
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