What are the objectives of reward and compensation plans? Discuss in detail the various types of short term and long term incentive plans. 

The objectives of reward and compensation plans are to attract, retain, and motivate employees by providing them with competitive and fair compensation and benefits packages. Reward and compensation plans are important tools for organizations to use in order to achieve their strategic goals and objectives. The primary objectives of reward and compensation plans are as follows:

Attract and retain top talent: Compensation plans are designed to attract and retain the best employees in the industry. By offering competitive compensation packages, organizations can attract top talent and retain them over the long term.

Motivate employees: Compensation plans can also be used to motivate employees to perform at their best. Incentive plans provide employees with a reason to work hard and achieve their goals.

Align employee behavior with organizational goals: Compensation plans can be used to align employee behavior with the goals of the organization. By providing incentives for achieving specific goals, employees are more likely to focus on the tasks and behaviors that are most important to the _______ _______ _______ ___ _________ ________ ____ __________ ___.
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