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The compensation policy and the reward system of an organisation are viewed by the employees as indicators of the management''s attitude and concern for them. Traditionally, pay scales in companies reflected the importance of the work and the responsibility level. Today, organisations try more to assess the worth of an individual in terms of his performance and contribution to the organisation. These caselets discuss the importance of a compensation system that is competitive and attractive for the employees and at the same time, profitable for the organisation. These caselets are designed to enable students to: (1) understand the role and importance of compensation management in an organisation; (2) understand the different components of compensation, namely basic salary, incentives and benefits; (3) understand the importance of offering an attractive and competitive compensation to attract and retain employees; and (4) discuss the need for a contemporary and competency/skill-based compensation system. The caselets are targeted at postgraduate and undergraduate students and are intended to be part of the human resources management curriculum.