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Compensation plays a crucial role in an organization by serving as a primary motivator for employee performance and engagement. It helps attract and retain talent, ensuring that the organization can build a skilled workforce. Additionally, a well-structured compensation system fosters a sense of fairness and equity among employees, contributing to overall job satisfaction and organizational commitment. Ultimately, effective compensation strategies align employee goals with the organization's objectives, driving productivity and success.
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What is compensation management?
Compensation management refers to a set of policies implemented by companies to ensure that workers are paid fairly. This is because salaries account for the majority of an organisation's expenditure.
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Total Employment Compensation
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