This document provides an overview of compensation management, including its definition and importance. It discusses the strategic objectives of an organizational compensation package, such as rewarding desired behavior, maintaining salary equity, and improving the company's image. Additionally, it explores five strategies that organizations can use to achieve pay equity and attract, motivate, and retain talented employees. The strategies include paying employees salary and incentives, establishing SMART goals, determining competitive pay rates, using merit increases, and getting the compensation mix right. Overall, this document offers valuable insights into compensation management and its role in attracting and retaining top talent.
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