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Global Work Glossary

Lost in a maze of global employment jargon? Find your way out with our handy collection of work and HR terminology

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Compensation

What shapes a competitive employee compensation package?

Compensation refers to the total package that employees receive in exchange for their work. This includes their salary alongside any bonuses and benefits — most commonly, commission, medical insurance, retirement plans, and subsidized education. These compensation packages serve as an important tool to help businesses attract candidates to their job openings and incentivize people to work to their best ability.

Compensation strategies can vary widely among different industries and countries. Some might offer a higher base salary and fewer benefits for more stability, for example, while others might operate on a performance-based model by using commission payments. The design of compensation packages also takes into industry standards and legal requirements. For example, regulations in the USA dictate that companies are required to offer certain health insurance benefits to their employees.

When creating compensation packages, employers should focus on assessing the competition and building out benefits that will attract candidates to their market. They should also use a platform such as Multiplier to ensure employees can access all relevant benefits easily. These tools can also help you build out the compensation packages themselves.

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