Explanation:

Compensation management, also known as wage and salary administration, remuneration management, or reward management, is concerned with designing and implementing a total compensation package.
The objectives of compensation management are to attract, engage, and retain employees through competitive compensation plans that align with the company budget, corresponding job-market, and government regulations.
Good compensation management should:

• Attract and recruit talent
• Motivate employees
• Maintain morale
• Adhere to government regulations and company compensation philosophy philosophy
• Reflect the current job-market