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Purposes of compensation in the workplace

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Smart employers know that keeping quality employees requires providing the right compensation and benefits package. Compensation includes wages, salaries, bonuses and commission structures. Besides, employers shouldn't ignore the benefits portion of employee compensation and benefits, because the benefits sweeten employment contracts with the priorities that most employees need.

(a) Based on the scenario above, examine THREE (3) purposes of compensation in the workplace.

(b) Explain FIVE (5) types of benefits that could be used to motivate and retain good employees at the workplace. Support your answer with real-life examples.

Reference no: EM132927863

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