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Meaning & Definition
compensation package
A compensation package is the sum of all financial and non-financial rewards provided to employees in exchange for their work. It includes salary, bonuses, benefits, and perks, aimed at attracting and retaining talent. A well-structured compensation package reflects the organization's values and competitive position, balancing fairness, market competitiveness, and financial sustainability. It supports employee motivation, job satisfaction, and performance, contributing to overall organizational success.