Compensation and benefits for HR

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Compensation and benefits

Compensation is anything employees receive as part of an employment relationship. It includes all forms of financial returns as well as tangible services and benefits. Employees may also receive a variety of non-financial benefits, such as status, recognition, meaningful work, or opportunities for development and advancement. In traditional employment relationships, financial rewards may include base wages, bonuses, incentives, merit pay increases, and a variety of benefits, such as social security, worker's compensation, unemployment insurance, health, and retirement.

This kind of total compensation package is founded on the assumption that the relationship with an employer will be long term. In the on-demand economy, however, relationships are typically much shorter and often are defined by a particular project or task. At Uber, the task is to drive a passenger to his or her destination and then to repeat that task as often as a driver desires. At Tongal, the project is to create a video or an advertisement.


Source: https://www.linkedin.com/learning/human-resources-in-the-on-demand-economy/compensation-and-benefits