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Financial Compensation
Financial compensation refers to the act of providing a person with money or other things of economic value in exchange for their goods, labor, or to provide for the costs of injuries that they have incurred. The aim of financial compensation is the preservation of relationships between those engaged in economic exchange. Kinds of financial compensation include: * Damages, legal term for the financial compensation recoverable by reason of another's breach of duty * Nationalization compensation, compensation paid in the event of nationalization of property * Payment * Remuneration ** Deferred compensation ** Executive compensation ** Royalties ** Salary ** Wage ** Employee benefits * Workers' compensation, to protect employees who have incurred work-related injuries Financial compensation is often provided after service delivery failure in order to regain customer trust. An associated response is to offer an apology that communicates the transgressor feels remor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are: medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Money was historically an emergent market phenomenon that possessed intrinsic value as a commodity; nearly all contemporary money systems are based on unbacked fiat money without use value. Its value is consequently derived by social convention, having been declared by a government or regulatory entity to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private", in the case of the United States dollar. The money supply of a country comprises all currency in circulation (banknotes and coins currently issued) and, depending on the particular definiti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Employee Benefits
Employee benefits and benefits in kind (especially in British English), also called fringe benefits, perquisites, or perks, include various types of non-wage compensation provided to an employee by an employer in addition to their normal wage or salary. Instances where an employee exchanges (cash) wages for some other form of benefit is generally referred to as a " salary packaging" or "salary exchange" arrangement. In most countries, most kinds of employee benefits are taxable to at least some degree. Examples of these benefits include: housing (employer-provided or employer-paid) furnished or not, with or without free utilities; group insurance (health, dental, life, etc.); disability income protection; retirement benefits; daycare; tuition reimbursement; sick leave; vacation (paid and unpaid); social security; profit sharing; employer student loan contributions; conveyancing; long service leave; domestic help (servants); and other specialized benefits. The purpo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law. An extremely important definition of income is Haig–Simons income, which defines income as ''Consumption + Change in net worth'' and is widely used in economics. For households and individuals in the United States, income is defined by tax law as a sum that includes any wage, salary, profit, interest payment, rent, or other form of earnings received in a calendar year.Case, K. & Fair, R. (2007). ''Principles of Economics''. Upper Saddle River, NJ: Pearson Education. p. 54. Discretionary income is often defined as gross income minus taxes and other deductions (such as mandatory pension contributions), and is widely used as a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Judge
A judge is a person who wiktionary:preside, presides over court proceedings, either alone or as a part of a judicial panel. In an adversarial system, the judge hears all the witnesses and any other Evidence (law), evidence presented by the barristers or solicitors of the case, assesses the credibility and arguments of the parties, and then issues a Court order, ruling in the Case law, case based on their Judicial interpretation, interpretation of the law and their own personal judgment. A judge is expected to conduct the trial impartially and, typically, in an in open court, open court. The powers, functions, method of appointment, discipline, and training of judges vary widely across different jurisdictions. In some jurisdictions, the judge's powers may be shared with a jury. In inquisitorial systems of criminal investigation, a judge might also be an examining magistrate. The presiding judge ensures that all court proceedings are lawful and orderly. Powers and functions The ult ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Harm
Harm is a morality, moral and law, legal concept with multiple definitions. It generally functions as a synonym for evil or anything that is bad under certain moral systems. Something that causes harm is harmful, and something that does not is harmless. Philosophical construction Moral philosopher Bernard Gert construed harm (or "evil") as any of the following: * suffering, pain * death * disability *Mortality rate, mortality * loss of aptitude, abilskill, ity or liberty, freedom * loss of pleasure. Joel Feinberg gives an account of harm as setbacks to interests. He distinguishes ''welfare interests'' from ''ulterior interests''. Hence on his view there are two kinds of harm. ''well-being, Welfare interests'' are ''Ulterior interests'' are "a person's more ultimate goals and aspirations", such as "producing good novels or works of art, solving a crucial scientific problem, achieving high political office, successfully raising a family". Many philosophers have proposed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Incentive
In general, incentives are anything that persuade a person or organization to alter their behavior to produce the desired outcome. The laws of economists and of behavior state that higher incentives amount to greater levels of effort and therefore higher levels of performance. For comparison, a disincentive is something that discourages from certain actions. Divisions An incentive is a powerful tool to influence certain desired behaviors or action often adopted by governments and businesses. Incentives can be broadly broken down into two categories: intrinsic incentives and extrinsic incentives. Overall, both types of incentives can be powerful tools often employ to increase effort and higher performance according to the "law of behavior." Incentives are most studied in the area of personnel economics where economic analysts, such as those who take part in human resources management practices, focus on how firms make employees more motivated, through pay and career concerns, Fi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Remorse
Remorse is a distressing emotion experienced by an individual who regrets actions which they have done in the past which they deem to be shameful, hurtful, or wrong. Remorse is closely allied to guilt and self-directed resentment. When a person regrets an earlier action or failure to act, it may be because of remorse or in response to various other consequences, including being punished for the act or omission. People may express remorse through apologies, trying to repair the damage they have caused, or self-imposed punishments. In a legal context, the perceived remorse of an offender is assessed by Western justice systems during trials, sentencing, parole hearings, and in restorative justice. However, there are epistemological problems with assessing an offender's level of remorse. In general, a person needs to be unable to feel fear, as well as remorse, in order to develop psychopathic traits. Legal and business professions such as insurance have done research on the expr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Apology (act)
An apology is a voluntary expression of regret or remorse for actions, while apologizing (apologising in British English) is the act of expressing regret or remorse. In informal situations, it may be called saying sorry. The goal of an apology is generally forgiveness, reconciliation, and restoration of the relationship between the people involved in a dispute. The nature of an apology involves at least two people where one has offended the other. Alternatively, it can involve two ''groups'' of people, one having previously offended the other. This is seen in the figure, with the Australian Government (an institution) apologizing for previous wrongs to the Indigenous (a large ethnic group). According to attribution theory, giving an apology as early as possible leads to less conflict during the discussion and increases communication satisfaction. The way the apology is given affects the outcome and the process of forgiveness. For example, putting genuine emotion into an apology ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Customer
In sales, commerce, and economics, a customer (sometimes known as a Client (business), client, buyer, or purchaser) is the recipient of a Good (economics), good, service (economics), service, product (business), product, or an Intellectual property, idea, obtained from a seller, vendor, or distribution (business), supplier via a financial transaction or exchange (economics), an exchange for money or some other valuable consideration. Etymology and terminology Early societies relied on a gift economy based on favours. Later, as commerce developed, less permanent human relations were formed, depending more on transitory needs rather than enduring social desires. Customers are generally said to be the purchasers of goods and services, while clients are those who receive personalized advice and solutions. Although such distinctions have no contemporary semantic weight, Employment agency, agencies such as law firms, film studios, and health care providers tend to prefer '':wikt:clien ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Service (economics)
A service is an act or use for which a consumer, company, or government is willing to payment, pay. Examples include work done by barbers, doctors, lawyers, mechanics, banks, insurance companies, and so on. Public services are those that society (nation state, fiscal union or region) as a whole pays for. Using resources, skill, ingenuity, and experience, service providers benefit service consumers. Services may be defined as intangible acts or performances whereby the service provider provides value to the customer. Key characteristics Services have three key characteristics: Intangibility Services are by definition intangible. They are not manufactured, transported or stocked. One cannot store services for future use. They are produced and consumed simultaneously. Perishability Services are perishable in two regards: * Service-relevant resources, processes, and systems are assigned for service delivery during a specific period in time. If the service consumer does not request ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Workers' Compensation
Workers' compensation or workers' comp is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence. The trade-off between assured, limited coverage and lack of recourse outside the worker compensation system is known as "the compensation bargain.” One of the problems that the compensation bargain solved is the problem of employers becoming insolvent as a result of high damage awards. The system of collective liability was created to prevent that and thus to ensure security of compensation to the workers. While plans differ among jurisdictions, Provision (contracting), provision can be made for weekly payments in place of wages (functioning in this case as a form of disability insurance), compensation for economic loss (past and future), reimbursement or payment of medical and like expenses (functionin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wage
A wage is payment made by an employer to an employee for work (human activity), work done in a specific period of time. Some examples of wage payments include wiktionary:compensatory, compensatory payments such as ''minimum wage'', ''prevailing wage'', and ''yearly bonuses,'' and wiktionary:remunerative, remunerative payments such as ''prizes'' and ''tip payouts.'' Wages are part of the expenses that are involved in running a business. It is an obligation to the employee regardless of the profitability of the company. Payment by wage contrasts with salary, salaried work, in which the employer pays an arranged amount at steady intervals (such as a week or month) regardless of hours worked, with Commission (remuneration), commission which conditions pay on individual performance, and with compensation based on the performance of the company as a whole. Waged employees may also receive tips or gratuity paid directly by clients and employee benefits which are non-monetary forms of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
