compensation packages

A compensation package is the total value an employee receives in exchange for their work. It typically includes a salary or wages, which is the regular pay; benefits such as health insurance, retirement plans, and paid time off; and sometimes bonuses, stock options, or other incentives. The purpose of a compensation package is to reward employees fairly, motivate performance, and attract talented staff. It’s designed to meet both the employee’s needs and the company's goals, balancing financial rewards with additional perks for overall job satisfaction.