What are Some Forms of Monetary Compensation?
Monetary compensation is still considered the main form of payment for most employees. However, when the entire benefits package is tallied, the other, more intangible benefits that are offered, may add up to a larger dollar amount than expected. You may also find that these intangible benefits are the ones that make the job enjoyable, thus making the life of the employee more meaningful and pleasant. Knowing that your healthcare needs are covered by insurance can help alleviate the stress of not knowing how an unexpected medical crisis will affect your family. Realizing that your retirement is growing each month because of your employer’s matching funds contributions can add peace of mind when the employee considers how they will survive during their retirement years. However, wages and salary are still the forms of compensation that get all the glory. Wages are usually paid based on an hourly rate, such as $7.00 an hour. A salary is paid based on a certain rate for a longer period of
