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Compensation can be any form of monetary such as salary, hourly wages, overtime pay, sign-on bonus, merit bonus, retention bonus, commissions, incentive pay or performance-based compensation, restricted stock units (RSUs) etc [2] Benefits are any type of reward offered by an organization that is classified as non-monetary (not wages or salaries ...
The Bureau of Labor Statistics, [4] like the International Accounting Standards Board, [5] defines employee benefits as forms of indirect expenses. Managers tend to view compensation and benefits in terms of their ability to attract and retain employees, as well as in terms of their ability to motivate them.
Distributive justice concerns the socially just allocation of resources, goods, opportunity in a society.It is concerned with how to allocate resources fairly among members of a society, taking into account factors such as wealth, income, and social status.
An incentive system: this induces and motivates economic agents to engage in productive activities. It can be based on either material reward (compensation or self-interest) or moral suasion (for instance, social prestige or through a democratic decision-making process that binds those involved).
A misaligned incentive refers to a situation where the goals of different parties involved in a particular situation such as a firm or system are not aligned and may even conflict with each other. Misaligned incentives can potentially arise in many other contexts, such as in government policies, healthcare, education, and environmental regulations.
In terms of timing- the value of rewards may change over time and in different situations, meaning the value of an incentive can too. The frequency of incentives is also important and can impact the effectiveness of incentivisation. Changes in behaviour may reverse back to their original form if one-off incentives are used.
A subsidy, subvention or government incentive is a type of government expenditure for individuals and households, as well as businesses with the aim of stabilizing the economy. It ensures that individuals and households are viable by having access to essential goods and services while giving businesses the opportunity to stay afloat and/or ...
The underlying incentive which generates the free-rider problem can be explained [weasel words] via the application of the prisoner's dilemma [9] within the context of contributing to a public good. Suppose two people were to split a contribution to a public service (such as for a fire station) with society benefiting from their contribution.