Steven Darien is an established New Jersey-based business consultant who leads The Cabot Advisory Group, providing guidance that enables organizations and individuals to achieve their full potential. As chairman and CEO, Steven Darien has extensive knowledge in designing effective benefits and compensation systems.
Benefits and compensation are two distinct systems meant to attract quality employees. Compensation is framed as earned income tied to work performed. In addition to salary and wages, it can include commissions, bonuses, profit-sharing plans, and other discretionary bonuses.
Meanwhile, voluntary benefits include primary care, vision, and dental plans, which can be purchased at a low cost through the company. Another common type of benefit is paid time off (PTO), which covers illness, vacations, and, sometimes, maternity leave. PTO can be set up in a number of ways, either as a set number of days within a contract or as earned days that add up as employees continue to work over an allotted period of time. Some businesses also employ a wellness buyback strategy, in which unused personal and sick days are paid out to the employee at a set value, such as 50 percent of regular pay.
