Simply stated, compensation, both pay and benefits, is one of the tools that organizations use to attract, retain and reward their employees. The compensation system that a company decides to implement should be strategic, competitive, affordable, and give you an advantage in the marketplace. Compensation can also be used as a powerful, strategic tool (in your business toolbox) to increase employee engagement and commitment.

Read HCC Partners’ six tips for bringing your compensation strategy to a whole new level.

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