To improve the performance of employees, a company provides recognition and monetary benefits to those employees whose performance exceeds expectations. this strategy can motivate some employees to perform better. this is an example of a strategy called compensation.
Compensation refers to monetary payment given to an individual in exchange for their services. In the workplace, compensation is what is earned by employees. It includes salary or wages in addition to commission and any incentives or perks that come with the given employee’s position.
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