Compensation Plan for Professional Employees

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Compensation that is given to the employees usually consists of wage salary and other benefits which are received for the work done at the company. Compensation is usually calculated based on an hourly basis or yearly basis and can include the bonus and incentives paid by the company. The overall compensation that is given to the employee can consist of several factors which depend upon the following things.

Most of the companies calculate the wages of the employees based on the working hours. Some companies give overtime wages for the additional hours worked. If there is an agreement exists between the employees and employers minimum wages will be given to the employees for a period of time.

Some companies pay the employees annual salary which usually does not cover the overtime and incentives. The concept of the salaried employee also guarantees an assurance to the employees. This salary will be based on the education level and the amount of work being done at the company. Certain companies have pay scale defined for each job positions which comply with the rules and regulations of the governing bodies.

Based on the performance of employee salaries are hiked and pay rise is given at regular intervals by the company. Usually, a percentage based increase in pay is done every year based upon the performance of the employee. Compensation is also given in the form of bonus which is based on the basic salary and will be calculated by the extent of success company achieved due to the employee performance.

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