compensation schemes

Compensation schemes are structured plans that determine how employees are rewarded for their work. They can include salaries, bonuses, benefits, and incentives, designed to motivate performance, attract talent, and ensure fairness. These schemes vary based on roles, company goals, and industry standards, often combining fixed pay with performance-based components. They help align employee efforts with organizational objectives and provide clear criteria for recognition and reward. A well-designed scheme balances motivation with affordability, fostering a productive and engaged workforce.