4.Explain various forms of compensation used in industry
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4.Explain various forms of compensation used in industry
4.Explain various forms of compensation used in industry
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Answer:
There are six basic forms of compensation: salary, short-term incentives (STIs or bonuses), long-term incentive plans (LTIPs), benefits, paid expenses, and insurance. Short-term incentives are usually formula-driven, whereas bonuses are awarded after-the-fact and are usually discretionary.