Compensation management is a strategic approach to providing monetary and non-monetary rewards to employees to attract, retain, and motivate them. It is an essential aspect of human resource management as it directly influences employee satisfaction, engagement, and productivity.

A 401(k) retirement plan is a type of employer-sponsored, tax-advantaged retirement savings account that allows employees to contribute a portion of their pre-tax earnings to invest in various assets, such as stocks, bonds, and mutual funds.

Implementing a new compensation management solution within an organization can be a complex and transformative endeavor. It involves introducing new systems, processes, and policies that impact how compensation is structured, communicated, and administered.