Cash compensation components paper.docx - Running head:...

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Running head: CASH COMPENSATION 1Cash Compensation ComponentsStudent’s NameInstitutional Affiliation
CASH COMPENSATION 2Cash Compensation ComponentsAccording to Payscale.com (n.d), in today's competitive landscape, companies tend to utilize rich compensation structure, which entails more than just the base pay alone but a mixtureof various elements. The mixture includes bonuses, benefits, and incentives, among other pay elements. Such elements tend to create a total reward package for workers. In addition, accordingto Delves & Watson (2010), compensation plans have to be clear, understandable by employees, and well communicated. The paper will focus on cash compensation components. Question 1Generally, compensation’s part for "clubbies" that can be considered similar to what happens in firms is spot awards. The "tips" are offered to the team for their outstanding performance, and the same case applies to organizations where employees are offered spot awards. Specifically, spot awards let staff know that someone has noticed their special contributions. In addition, spot awards act like bonuses for employees' contributions in workplaces. According to Payscale.com (n.d), bonus may not be tied to the compensation plan, and they are connected to performance.Moreover, “clubbies” are paid hourly wages, and it can be compared to the base salary offered to employees at organizations. According to Wisper & Abosch (2010), base salary pertains subcategory of basic pay in return for work performed. It is the initial amount of basic

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Term
Spring
Professor
Dr. Omollo
Tags
Salary, Ken Higdon

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