Competitive and comprehensive compensation program

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The purpose of a total rewards program is to attract, retain, and motivate employees will the requisite KSAs in order to enable the organization's success (Commentary). A compensation plan, also referred to as a "total rewards program," encompasses all the monetary and non-monetary benefits that employees desire. Companies need a competitive and comprehensive compensation program to remain competitive within their industry to attract and retain top talent. A compensation plan is a complete package that details your employees' wages, salaries, benefits, and terms of payment. Compensation plans include details outlining bonuses, incentives and commissions that may be paid to employees (Commentary).

Reference no: EM132963584

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