Compensation and Benefits Management is a core function of Human Resources focused on the strategic design, implementation, and administration of an organization's total rewards system. This field encompasses all direct financial payments to employees, such as salaries, wages, and bonuses (compensation), as well as indirect, non-cash rewards, including health insurance, retirement plans, and paid time off (benefits). The primary objective is to create a package that is internally equitable, externally competitive in the labor market, and legally compliant, all while aligning with the company's overall financial and strategic goals to effectively attract, motivate, and retain talent.