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Total Rewards
Total rewards include all the benefits, rewards, and compensation employees receive at work. These perks might include: - Wages - Bonuses - Healthcare insurance - Life insurance - Paid time off (PTO) - Maternity/paternity leave - Flexi-time - Stock options - Employee recognition programs - Employee discount programs - Career opportunities Total rewards can also refer to the department within HR that handles benefits, rewards, and compensation. Additionally, it can mean the total value that an employee perceives their rewards package to be worth.
What Small and Midsize Businesses Need to Know About Total Rewards
SMBs might present benefits, rewards, and compensation using the total rewards approach because it showcases the overall value of their rewards package. By increasing awareness of this package, smaller businesses might attract talent from larger companies that offer fewer or less valuable rewards.
Related terms
- Absence Management
- Furlough
- Onboarding
- Attrition
- Right to Work
- Employee Self-Service (ESS)
- Background Check
- Equity Theory
- Performance Management
- Diversity and Inclusion (D&I)
- Gamification
- Center of Excellence (COE)
- Succession Planning and Management
- Workforce Analytics
- Performance Improvement Plan (PIP)
- Employee Resource Group (ERG)
- Chief Human Resources Officer (CHRO)
- 9-Box Model
- Enterprise Applications
- People Analytics
