AN EVALUATION OF THE COST OF PACKAGING AND ITS IMPLICATIONS ON THE PROFITABILITY OF A MANUFACTURING COMPANY
Abstract
Employee retention, work happiness, and productivity are all enhanced by an optimal
compensation plan. Employees can evaluate their own contributions and earn credit for their
efforts through bonus payments, such as overtime compensation, which act as a tool for
performance appraisal and self-evaluation (Schneider & Hanges, 2023). Furthermore, fringe
benefits like health insurance and retirement programs boost workers' trust and loyalty to the
company (Brewster, Chung, & Sparrow, 2021). A well-designed compensation plan promotes a
high-performance work culture by coordinating employee incentive with company goals
(Torrington, Hall, Taylor, & Atkinson, 2022).
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