compensation

Vocabulary Word

Definition

Compensation is something you receive in return for doing a job, a service, or to cover a loss. It's typically a certain amount of money, but could also be benefits like health insurance or vacation time.

Examples in Different Contexts

A business executive might discuss compensation plans to ensure they are competitive and attract top talent.

Practice Scenarios

Business

Scenario:

As part of our ongoing review, it's crucial we evaluate our overall pay structure. Is it effectively competing in today's job market?

Response:

Yes, we need to review our compensation strategy to see if we are rewarding our employees fairly and competitively.

Law

Scenario:

The settlement amount seems to be quite low. Let's discuss how we can support our argument for a higher claim.

Response:

Agreed. We need to bolster our case with solid evidence to justify higher compensation for emotional traumas.