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Base Pay
The fundamental salary an employee receives for their position, not including additional types of compensation such as overtime, bonuses, or other benefits.
Performance Pay
A compensation strategy that ties an employee's pay directly to their performance and achievements within the organization.
Compensation System
A structured plan designed by an organization to pay its employees, including wages, salaries, benefits, and bonuses.
Total Rewards Approach
A strategy that encompasses all forms of compensation, including salary, benefits, recognition, and development opportunities, to motivate and retain employees.
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