What is compensation and payroll management??

Question

Accepted Answer

Compensation and payroll management involves managing employee salaries, benefits, and taxes.

Compensation management involves determining fair salaries and benefits for employees based on their job roles and performance.
Payroll management involves calculating and distributing employee salaries and benefits, as well as managing taxes and deductions.
Effective compensation and payroll management can help attract and retain top talent, while also ensuring compliance with legal and regulatory requirements.
Examples of compensation and benefits include base salary, bonuses, health insurance, retirement plans, and paid time off.
Examples of payroll management tasks include calculating taxes and deductions, processing payroll, and issuing paychecks or direct deposits.

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