Compensation and Wage Structure

Compensation and wage structure refer to how employers determine the pay and benefits they offer to workers. This includes salaries, hourly wages, bonuses, and non-monetary perks like health insurance or retirement plans. The wage structure can vary based on factors such as job type, industry standards, employee experience, and geographical location. Understanding these components helps ensure that employees are paid fairly for their work while also allowing businesses to attract and retain talent, maintain competitiveness, and manage costs effectively.