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Compensation and benefits. Compensation and benefits ( C&B) is a sub-discipline of human resources, focused on employee compensation and benefits policy-making. While compensation and benefits are tangible, there are intangible rewards such as recognition, work-life and development. Combined, these are referred to as total rewards. [ 1]
Social exchange theory is a sociological and psychological theory that studies the social behavior in the interaction of two parties that implement a cost-benefit analysis to determine risks and benefits. The theory also involves economic relationships—the cost-benefit analysis occurs when each party has goods that the other parties value. [ 1]
Equity theory focuses on determining whether the distribution of resources is fair. Equity is measured by comparing the ratio of contributions (or costs) and benefits (or rewards) for each person. [1] Considered one of the justice theories, equity theory was first developed in the 1960s by J. Stacey Adams, a workplace and behavioral ...
Compensation can be tangible or intangible. It helps in motivating the employees in their corporate life, students in academics, and inspire them to do more and more to achieve profitability in every field. Studies show that if the person receives the reward immediately, the effect is greater, and decreases as delay lengthens.
“It’s essential to weigh these sacrifices against the tangible and intangible rewards.” If these sacrifices feel out of balance with the rewards, it’s time to quit your side gig.
In social a social setting, the focus is often on the current or past reinforcements instead of the future although there is no guarantee of immediate tangible or intangible returns from another individual. In Economics, decisions are made with heavier emphasis on future rewards.
Another way to appreciate the importance of relationships is in terms of a reward framework. This perspective suggests that individuals engage in relations that are rewarding in both tangible and intangible ways. The concept fits into a larger theory of social exchange.
Cost–benefit analysis ( CBA ), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business ...