Explanation:

Compensation is one of the most important aspects of running a business that can make or break a business. Having a good compensation plan can help organizations to flourish and compete in their respective markets.

Some of the benefits of providing the right compensation package to your employees are:

• Attracts top talent
• Increases employee motivation at the workplace
• Boosts employee loyalty
• Increases productivity and profitability
• Improves job satisfaction and employee engagement
• Helps in retaining top employee
• Helps stay in compliance with the Federal and State government agencies