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Employee compensation schemes, including bonus payments and other rewards, are used to recompense workers for their services in accordance with their performance, and as a means of motivating them towards achieving organisational goals.
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The stage
In most organisations there is a need to balance, often significant, labour costs against the need to pay competitive rates. A well designed compensation scheme may be used to motivate employees toward achieving more ambitious goals and also play a vital role in attracting and retaining top talent within an organisation. Employers must seek to reward employees through a combination of monetary and non-monetary benefits and thereby tap into the cooperative strength of workers to create an enthusiastic and satisfied workplace.
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