Compensation Philosophy (ORACLE)

Compensation Philosophy (ORACLE)

Introduction

Compensation is a term known for monetary & nonmonetary reward provided by organizations to their employees in exchange of assigned work. A Compensation Philosophy is sole to every business and reflects its Vision, Mission and Core Values (UniCredit, 2013). Compensation can also be divided into two following terms as Base compensation for the financial reward & Supplementary compensation. This helps an organization to recruit and retain its qualified employees for a long time and its also important to the further existence of the company. Compensation plan helps to designing a roadmap for a business to motivate and ...