Total Compensation Benefit package

In human resource management, total compensation package is referred to not only money but also other benefits received by an employee for providing services to his employer. Today we will learn about the components of whole compensation package. An ideal compensation package may identify its various components as follows:

1. Fixed Pay or Base Pay

Base Compensation is one type of Compensation that refers to the basic salaries and wages given to he employees. It is normally constant at a given amount irrespective of the difference in work performance.