Compensation and Benefits

  1. Objective 10-4 Describe the main components of a compensation and benefits system.

People who work for a business expect to be paid, of course, and most workers today also expect certain benefits from their employers. Indeed, a major factor in retaining talented employees is a company’s compensation system, the total package of rewards that it offers employees in return for their contributions to the organization’s mission. Creating an effective compensation system requires finding the right balance between offering sufficient inducements to attract and retain employees while also keeping labor costs in line with revenues and competing employers.

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