This analysis examines the determinants of compensation from both employee and firm perspectives. The findings indicated that experience, education, firm size, and form of ownership are the key determinants of compensation. Firm profitability was only significant in the determination of annual bonus. The form of ownership also affects the structure of compensation packages with cooperatives providing larger compensation packages than independently owned firms, but smaller bonuses. An examination of the returns to a college education indicated that manager have positive net returns, while field salespeople and general plant personnel will have marginal and negative returns, respectively.