Describe Different Levels Of Total Compensation Management

Student Name and Address
Student Number
Course title and Number
Research Assignment Number
Compensation Management
Total compensation not only describes wages and salaries paid to the workers, but also includes other plans, opportunities; programs and benefits availed to employees throughout the employment period. The main forms of compensation are direct and indirect compensation. Direct compensation involves payments of salaries to bonus while indirect compensation primarily composes of benefits and long-term incentives (Hoare). A total compensation sheet is necessary to inform employees on the complete pay package awarded on annual bases such as wages either in salary or hourly rate, life insurance, medical coverage benefits, education assistance programs, and so much more.
Base wage is paid at an annual rate or an hourly rate, which mainly depends on the job position of an individual. In most organizations, the most senior employees are paid an annual salary while junior and entry-level positions are often paid an hourly. To determine pay rates, the employer considers the responsibilities and requirement of the position, as well as the skills and competencies required of the individual carrying out the task (Dykman). After conducting a research on various jobs in the United States, there is a clear distinction between job positions paid at an hourly or annual rate. Office manager, operations manager, and software engineers are among the job positions paid in salary in the U.S. Salaried employees are normally employed under the contract and do not sign a time sheet for extra hours. They usually do not get paid for hours worked, but rather the overall salary. The job requirement for this position is subject to a salary.
Exempt workers receive a fixed salary irrespective of the number of hours worked. These positions are paid at an annual rate and not hourly because payment by hours requires supervision to ensure quality work, consume a lot of time to compute the number of hours worked, and good and lazy workers may end up receiving an equal portion of the payment. Other positions such as a registered nurse, certified nurse assistant, and administrative...