Final answer:
Total compensation is the concept that compensation is more than just a paycheck and traditional benefits. It includes other factors such as health insurance, retirement plans, and employer payments to Social Security. The goal is to consider all the elements that contribute to an employee's overall value and satisfaction.
Step-by-step explanation:
The view that compensation is more than just a paycheck and traditional benefits, including anything the employee values, often involving trade-offs, relates to Total compensation. Total compensation includes not only wages and salaries but also other benefits such as health insurance, retirement plans, and employer payments to Social Security. The idea behind total compensation is that it takes into account the different factors that contribute to an employee's overall value and satisfaction in their job.