Business Management Question:
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ABC works for "Energy Engineering Works." Apart from the regular compensation, the company provides him with things such as tuition reimbursement, recreational opportunities etc. What is the name given to these things of value?
a) Incentives
b) Benefits
c) Rewards
d) Compensation
e) Social benefits.
Answer:
b) Benefits
Explanation:
The term associated with things such as tuition reimbursement, recreational opportunities etc is benefits which is provided apart form the regular compensation. i.e. Benefits are forms of supplementary compensation. They represent monetary and non-monetary payments over and above the wages paid. (a) Incentives represent special compensation opportunities that are usually tied to performance. (c) Rewards are given in recognition of specific achievements whereas social benefits in the form of say club memberships are given to enhance the employee status. (d) Compensation is the financial remuneration given by the organization to its employers for their work.
Explanation:
The term associated with things such as tuition reimbursement, recreational opportunities etc is benefits which is provided apart form the regular compensation. i.e. Benefits are forms of supplementary compensation. They represent monetary and non-monetary payments over and above the wages paid. (a) Incentives represent special compensation opportunities that are usually tied to performance. (c) Rewards are given in recognition of specific achievements whereas social benefits in the form of say club memberships are given to enhance the employee status. (d) Compensation is the financial remuneration given by the organization to its employers for their work.
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