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Enterprise Compensation Management (ECM) refers to the strategies and tools that organizations use to design, manage, and administer compensation and benefits for their employees. It encompasses all forms of monetary rewards, such as salaries, bonuses, commissions, and benefits like health insurance, retirementplans , and perks.
Components of Compensation Management Base Salary: The predetermined amount that employees receive as regular compensation for their job duties. Benefits: Non-cash compensation such as health insurance, retirementplans, and paid time off. Why is Compensation Management Important? Get Free Demo 5.
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