Employee Relations
Definition of Employee Relations as it relates to Business, Human Resource Management, Compensation and Benefits
Compensation Packages refer to the combination of financial and non-financial rewards provided by an organization to its employees in exchange for their contributions to the business. These packages typically include base salary, bonuses, benefits, and other forms of compensation such as stock options or profit sharing. The purpose of compensation packages is to attract, motivate, and retain high-performing employees while ensuring internal equity and market competitiveness. Effective compensation package design requires careful consideration of factors such as job responsibilities, employee performance, industry standards, and organizational budget constraints.
External Links
- [EmployeeRelationsManagement.net]
- [alrb.gov.ab.ca] Alberta Labour Relations Board - Union matters for employees, employers and employer organizations.