A good compensation package is important to motivate the employees to increase the organizational productivity.Unless compensation is provided no one will come and work for the organization.Thus, compensation helps in running an organization effectively and accomplishing its goals.Salary is just a part of the compensation system, the employees have other psychological and selfactualization needs to fulfill.Thus, compensation serves the purpose.The most competitive compensation will help the organization to attract and sustain the best talent.The compensation package should be as per industry standards.
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Vadla et al. (2024) studied this question.
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