Describe the elements of employee compensation and benefits. Directions A compensation plan is a structured approach designed by organizations to reward and incentivize their employees for their contributions and performance. It typically consists of several elements to ensure fairness, motivation, and retention of talent within the company. The specific elements of a compensation plan may vary from one organization to another, but some common components are included in the table template. Using the template provided in Blackboard, you will complete a table and then write a narrative. Once the table is complete, in at least 250 words, write a narrative that addresses the prompts. Describe the importance of a compensation and benefits package for an organization. Explain the value of a well-constructed compensation package for employees