In compensation benchmarking, how important is it to consider the total rewards package?
- It has no impact on benchmarking decisions
- It is essential as it reflects the overall value employees receive
- It is relevant only for non-profit organizations
- It only applies to executive-level positions
Considering the total rewards package is highly important in compensation benchmarking as it reflects the overall value employees receive beyond just base salary. This includes benefits, bonuses, and other perks, providing a comprehensive view of the organization's compensation competitiveness.
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