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BS Chapter 4 - People in business > Compensation > Flashcards

Compensation Flashcards

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People You Should Know flashcards
1
Q

What is a monetary benefit

A

Salary and Bonus

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2
Q

What is a non monetary benefit

A

a benefit which is not cash, e.g. Private Healthcare, free lunches, away days

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3
Q

Give two examples of monetary benefit an employee might receive

A

Salary

Bonus

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4
Q

Give two examples of non monetary benefits

A

Pension, private healthcare, free lunches

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5
Q

Why might a company use non monetary benefits

A

To make the package attractive to future employees beyond salary and any bonus

To retain staff

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6
Q

Give 3 factors which influence the salary or wages an individual may receive

A

Seniority
Experience
Performance

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BS Chapter 4 - People in business (4 decks)

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