These are the monetary and non-monetary rewards provided to employees in order to attract, motivate and retain them.
Rewards can be both intrinsic and extrinsic. Intrinsic rewards may include praise for completing a project or meeting performance objectives. Other psychological and social forms of compensation also reflect intrinsic type of rewards.
Extrinsic rewards are tangible and take both monetary and non-monetary forms.
One tangible component of a compensation programme is direct compensation whereby the employer exchanges monetary rewards for work done and performance results achieved. Examples are guarantee pay and variable pay.
maurice.mutuku answered the question on April 15, 2019 at 11:03
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