Non-financial compensation is a type of indirect compensation that is offered to the employees by the business owner. The non-financial compensation is basically that form of compensation that increases the employeesâ€™ working standards and loyalty towards their employer. The types of non-financial compensation is as follows:
Health insurance of the employees
Types of compensation
The compensation paid to the employees can be broadly classified into two types. These are as follows:
Financial Compensation – Financial compensation is that type of compensation that is paid to the employees in cash. Financial compensation is the most popular type of compensation as it encourages the employees and boost their morale so that the basic needs of the employees are satisfied.
Non-Financial Compensation – Non-financial compensation is that type of compensation that includes all the benefits that compensates the employee of the organization not in form of money but in some other forms. These are non-monetary forms that stimulate employeesâ€™ morale and also improve his performance.
Types of financial compensation
There are two types of financial compensation. These are as follows:
Direct Compensation â€“ The type of financial compensation that involves the payment made to the employees in consideration of their work in the monetary form. The cash may be paid to the employees in two different ways. These are.
Wages – The remuneration that is given in cash to the workers in consideration of their work performed is known as wages. The financial compensation can be paid to the employees in the form of wages.
Bonus â€“ Anything extra that is paid in cash apart from this remuneration to the workers of the organization to complete their own work on time or before time effectively and efficiently is known as bonus.
Indirect Compensation (Fringe Benefits) – Indirect compensation is the second type of the financial compensation that is also known as fringe benefits. Indirect compensation is that compensation that the employees receive for continuing their employment with the company.
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