Compensation
COMPENSATION Simply, compensation is an exchange for money or material things in place of service delivery or job done. To Edwin (1984), compensation attracts capable employees to an organization; motivates them for higher performance and retains their services over a long period of time. On another perspective Cole(1997) reasons that compensation is to reward employees for effort, loyalty, experience and achievement. Companies explore ways to compensate employees so as to retain their services. According to Cole, wages and salaries, pensions etc may take 60% of the ...