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To make employees extremely motivated to work for the organization, they are rewarded with the right packages which are the ultimate objective of compensation management. While fixing compensation for the employees, it is essential to look at the matter both from management and employee’s perspective. The importance of compensation management enhances manifold when an organization employs highly talented individuals as professionals.
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Compensation Management is about the study of basics concepts, subjects and methods that are associated with designing, managing and studying the compensation and benefits for increasing administrative performance and good staffing.
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There are essentially two types of compensation that includes-
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