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

Nonprofits may have different compensation strategies, often focusing on non-monetary rewards like personal fulfillment from contributing to a cause.

Practice Scenarios

Academic

Scenario:

One of our key strategies should be to attract more world-class researchers. How can we attract them effectively with our resources?

Response:

Offering research grants and travel funds as part of the compensation package can be a great motivator for researchers.

Tech

Scenario:

Many of our employees are interested in company shares. It might be a good opportunity to motivate them further.

Response:

Including stock options in our compensation package would definitely motivate our employees and promote a sense of ownership.