Reference no: EM132960212

Compensation and Benefits practices in Africa In Africa, very few local employees can pick and choose the type of work they do or even their employer, so employee turnover is much lower here than elsewhere in the world. However, organisations should not rely on that alone and should not look to build employee engagement on a long-term basis. One way to achieve that may be to find what types of benefits employees truly value and redesign remuneration strategies accordingly. In many cases, this may involve a combination of short, mid and long-term benefits for the whole employee life cycle, without necessary spending more cash on them. Another way to achieve this is through capacity building, investing in training and development of both current workers and the future generations. This will lead to only to improve skills and higher productivity, but also to more engaged and loyal employees. (MARSH & McLENNAN COMPANIES).

Question

Define compensation system including listing and explaining its components.