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The phrase "acknowledgment and compensation" is correct and usable in written English.
It can be used in contexts where you are discussing recognition of a situation or contribution and the corresponding payment or reward for it.
Example: "The company issued a formal acknowledgment and compensation to the employees affected by the recent layoffs."
Alternatives: "recognition and remuneration" or "acknowledgment and payment".
Exact(1)
We cannot reasonably expect more live kidney donors to donate without acknowledgment and compensation of the risks they undertake.
Similar(59)
However, acknowledgment and appropriate compensation of these risks may be necessary to move forward.
They demanded a clear, official acknowledgment of responsibility for the atrocity and compensation – some $2.7bn of it – for the victims' families.
This English statute is the earliest legislative acknowledgment that control over the tenure and compensation of judges is incompatible with a truly independent judiciary, free of improper influence from other forces within government.
El-Masri, from Ulm, Bavaria, has never received an apology, acknowledgment of compensation from the CIA or the US government.
Turkey demanded an apology and compensation.
And compensation arrangements.
Biases in Evaluation and Compensation.
Michael Morse for "Void and Compensation" (Canarium).
There must be acknowledgment and accountability".
They crave acknowledgment and involvement.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com