Final answer:
A fair compensation package should include wages and salaries, health insurance, vacation pay, and other benefits. Factors that affect compensation include experience, education, skill, talent, union membership, and discrimination. It is important to clarify benefits and be prepared to negotiate salary based on research.
Step-by-step explanation:
Elements that should be included in a fair compensation package:
- Wages and salaries: Typically make up about three-quarters of total compensation received by workers.
- Health insurance: Provides coverage for medical expenses.
- Vacation pay: Allows employees to take time off from work with pay.
- Other benefits: Can include retirement and savings plans, insurance plans, and legally required benefits like Social Security and unemployment insurance.
Factors that can affect compensation include experience, education, skill, talent, membership in a labor union, and the presence of discrimination in the labor market. It is important to clarify benefits and other relevant compensation and be prepared to negotiate salary and terms based on research of salary ranges for the position.