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Hiring and retaining the right talent has become more challenging and often leads to countless sleepless nights for senior management. But it is definitely worth the hardship – a top performer in an organization can deliver up to 400% more productivity than an average employee, according to the Harvard Business Review.

A company’s compensation package is an expression of its overall reward philosophy. However, monetary compensation is not the sole factor that influences and retains top talent. The nature of the business, life cycle phase of the organization, average workforce age, and location often dictate the prioritization of compensation plan elements.

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