8. Employee Benefits and Compensation

Employee benefits and compensation refer to the financial and non-financial rewards that organizations provide to their employees. This includes salaries, bonuses, health insurance, retirement plans, and paid time off. These benefits not only help attract and retain talent but also contribute to employee satisfaction and motivation. Organizations that invest in employee benefits promote individual growth, enhance workplace morale, and improve overall performance, leading to a more effective and engaged workforce. Ultimately, a well-structured compensation package is essential for both individual and organizational development.