SPECIAL COMPENSATION Meaning and
Definition
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Special compensation refers to additional benefits or remuneration provided to an individual or a group of individuals in recognition of their unique circumstances, skills, or contributions. It is a form of compensation that goes beyond the standard salary or wages and is typically granted in specific situations.
Special compensation may be awarded to individuals who hold highly specialized or senior positions within an organization, such as executives, managers, or professionals who possess exceptional qualifications or expertise. This extra compensation serves to attract and retain top talent, as well as acknowledge the value they bring to the organization.
Furthermore, special compensation can also be given as a one-time payment or bonus to recognize outstanding achievements, exceptional performance, or exceptional circumstances. For instance, an individual who has exceeded their goals, made significant contributions to a project, or demonstrated exceptional loyalty and commitment may be granted special compensation.
The nature of special compensation can vary widely depending on the specific circumstances and the practices of the organization. It can take the form of cash bonuses, stock options, profit-sharing, performance-based incentives, or non-monetary rewards such as additional vacation days, flexible work arrangements, or enhanced benefits packages.
Ultimately, special compensation is designed to acknowledge and reward individuals who demonstrate extraordinary skills, contributions, or meet unique circumstances that go beyond the regular compensation structure of an organization.
Common Misspellings for SPECIAL COMPENSATION
- apecial compensation
- zpecial compensation
- xpecial compensation
- dpecial compensation
- epecial compensation
- wpecial compensation
- soecial compensation
- slecial compensation
- s-ecial compensation
- s0ecial compensation
- spwcial compensation
- spscial compensation
- spdcial compensation
- sprcial compensation
- sp4cial compensation
- sp3cial compensation
- spexial compensation
- spevial compensation
- spefial compensation
- spedial compensation
Etymology of SPECIAL COMPENSATION
The etymology of the word "special compensation" can be understood by examining the origins of each component:
1. Special: The word "special" has its roots in the Latin word "specialis", which comes from the noun "species" meaning "kind" or "sort". Over time, "specialis" evolved to refer to something distinctive or unique.
2. Compensation: The term "compensation" is derived from the Latin word "compensare", which combines "com-" (meaning "together") and "pensare" (meaning "to weigh" or "to pay"). Initially, it referred to counterbalancing or making up for something, such as paying for a loss or injury suffered by someone.
When combined, "special compensation" refers to a unique or distinct form of recompense or payment specifically provided for a particular purpose or circumstance.
