Pay (Compensation)
Remuneration employees receive: salary (fixed annual), wages (hourly), bonus, commission, benefits.
Real World
When Amazon raised its UK minimum wage to £10.50 per hour ahead of the legal requirement, it reduced turnover and attracted higher-quality applicants, demonstrating pay's role in recruitment and retention.
Exam Focus
Identify the type of pay (salary, wage, bonus, commission) in the question — each has different effects on motivation and cost; do not treat pay as one single concept.
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