Course Title: Compensation Management

Course Code: HRM 1006

Question: Do you think compensation is the combination of monetary and non-monetary benefits?-Briefly explain.

Note: A few hours ago I asked this question on chegg.com. I have been given the following answer by Expert Teacher. I don't think the answer is correct. Please give me the correct answer.

The previous answer is as follows:

Yes, I think, compensation is the combination of monetary and non-monetary benefits because benefits and compensation are non-monetary money and allowances given to employees for employment. For example, individuals who have recently joined the organization and current employees. Overall, compensation and benefits are available in the form of salaries, wages and incentives. Evaluation of external and internal factors that determine or decide on the amount of compensation and compensation provided for a specific job. Also, due to the relationship between corporate values and compensation and benefits, the values are strengthening constructive feedback to attract, retain and encourage employees to embrace the organization through compensation and benefits. Also, evaluate the strategic objectives of the business gained through compensation and benefits through job market research and the provision of competitive pages, keeping employees focused and motivated, which increases the organization's productivity and productivity. All in all, employers know that it is challenging to retain and localize talent by creating a competitive strategic package of compensation and benefits, it can retain highly skilled workers.