Compensation and Benefits
Compensation and Benefits is the methods and practices of maintaining balance between interests of operating the company within the fiscal budget and attracting, developing, retaining, and rewarding high quality staff through wages and salaries which are competitive with the prevailing rates for similar employment in the competitive markets. It is the cornerstone of an effective talent management strategy.
Compensation strategies can affect many facts of the business. Such as;
- Improved employee morale and retention
- Increased employee engagement and productivity
- Strengthened governance and compliance with company vision and mission