The Three Components Of Tangible Rewards And Payment
Total rewards and compensation is the key component for all companies across every industry. Total rewards and compensation can either make a great company or deteriorate a great company. Tangible direct rewards, tangible indirect rewards, and intangible rewards are the three components to total rewards and compensation. (Valentine, 2014, pp. 368) Tangible direct rewards compose of base pay and variable pay. Base pay is basic compensation that an employee receives, usually as a wage or salary. (Valentine, 2014, pp. 368-371) Wages are payments made to workers who are paid by the amount of hours by the amount they are paid hourly. Salary pay is consistent payments made each period regardless the amount of hours worked each period. Variable pay consist of compensation directly linked to individual, team, or organizational performance. (Valentine, 2014, pp. 368-371) Examples of variable pay are bonuses, incentives, and equity awards. An example of base pay is a part-time fast food employee working for five hours five days week. For the week, the fast food worker has earned a base pay of twenty-five hours. An example of variable pay is a car salesman being compensated for his base pay also a percentage of the total amount of the car/cars he has sold within a month. Tangible indirect rewards almost the same as tangible direct rewards, but they cannot be physically touched. Indirect rewards can be measured easily and so therefore they can be tied into the amount that an employee
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