Compensation is often thought to refer to just the financial remuneration that an employee receives for performing their role, whether that be as a salary or as wages. However, the term has a broader definition and also includes other financial conditions related to employee performance, including bonuses, benefits (which may or may not be financial), and rewards.

As compensation is an intrinsic part of an employee’s job it touches on almost every aspect of an HR department's routine processes including budgeting, recruitment, onboarding, review management, etc. It’s also become more complex as companies have added more specific financial incentives to attract top talent, which makes compensation a prime candidate for process automation.

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