Definition of  compensation: Typically, compensation refers to momentary payment given to an individual in exchange for their services. In the workplace, compensation is what is earned by employees. It includes salary  or wages in addition to commission and any incentives or perks that come with the given employee’s position. Paid employees as well as outside or temporary consultants are entitled to compensation, meaning the individual will be paid for the product or service they provide. A broader compensation definition includes monies owed as a recompense to an injured or otherwise wronged party by the party responsible. Compensation is the total cash and non-cash payments that you give to an employee in exchange for the work they do for your business. It’s typically one of the biggest expenses for businesses with employees. Compensation is more than an employee’s regular paid wages. It also includes many other types of wages and benefits. According to Edwin B. Flioop,...