What does remuneration mean in HRM?
The word "remunerate" means to pay someone for the work or service he or she has offered.
By definition, Remuneration is a total compensation received by an employee from an employer in exchange to a job performed. It includes financial benefits like salary, wages, bonuses, commission and tips as well as nonfinancial benefits like holidays, on-site gym and free meals. The remuneration may vary from one employee to another depending on the type of the job and position as well as a company in which an employee is working. Some compensation like bonuses, commissions and other rewards are not necessarily being detailed in a contract, but a salary must be detailed.
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