What is the difference between benefits and compensation?
Benefits are typically the medical benefits and coverage you have. For example, when you go to the doctor, insurance covers some of the cost. This is a benefit offered to you by your employer. However, benefits can also include things like a wellness reimbursement. Some companies offer benefits for employees to submit reimbursement for things like running shoes, a massage or the use of a mental health counselor. Compensation is the money you are paid for doing your job. This includes your base salary and any additional compensation you may receive such as commissions or a bonus.