Definitions & Differences Between Compensation, Salary, Employee Benefits, Perks, Perk Stipends, & Lifestyle Spending Accounts
As the market for skilled labor tightens, the ways in which employers support their employees has grown in tandem.
Companies today are doing anything and everything they can to attract, engage, and retain the top talent, and a direct result of this is more comprehensive total compensation plans.
Because of the expansion and increased investment in total compensation packages, now more than ever, the industry needs clear definitions on what benefits, perks, perk stipends, and lifestyle spending accounts (LSA) are. Continuing without a consensus, people will continue to be confused, time and money will continue to be wasted, and worst of all -- we won’t understand our employee's actual needs.
Below are the elements of compensation we'll cover in this piece:
- Perk Stipends/Perk Allowances
- Lifestyle Spending Accounts