HR Basics: Total Rewards 2e

TL;DR

Total rewards are the monetary and non-monetary benefits offered by companies to attract, motivate, and retain employees, and these rewards must be strategically designed based on business strategy and external influences.

Transcript

HR basics is a series of short courses designed to highlight what you need to know about a particular human resource management topic in today's HR basics we define total rewards and explore the total rewards model total rewards are the monetary and non-monetary rewards provided by companies to attract motivate and retain employees to an employee o... Read More

Key Insights

• 🚱 Total rewards encompass both monetary and non-monetary benefits provided by companies to attract, motivate, and retain employees.
• 👨‍💼 The total rewards model should be based on an organization's business strategy and cultural norms.
• 🌐 External influences, such as the global economic landscape and regulatory issues, must be considered when designing total rewards strategies.
• 😆 The correct combination of total rewards strategies will result in satisfied, engaged, and productive employees.
• 🎮 Total rewards must be designed in the context of influences external to the organization that may be beyond its control.
• 🤩 Compensation, benefits, work/life effectiveness, recognition, performance management, and talent development are the key elements of total rewards.
• 💦 Total rewards must be aligned with organizational mission and actively support employee success at work and at home.

Questions & Answers

Q: What are total rewards?

Total rewards refer to the monetary and non-monetary benefits provided by companies to attract, motivate, and retain employees. It includes compensation, benefits, work/life effectiveness, recognition, performance management, and talent development programs.

Q: How should HR professionals approach total rewards strategy?

HR professionals should align total rewards strategy with the organization's business strategy and cultural norms. It should be designed to attract and retain the necessary talent while considering external influences, such as labor market trends and regulatory issues.

Q: How do external influences impact total rewards?

External influences, such as the global economic landscape, cultural norms, and regulatory issues, have a profound effect on total rewards. They can affect costs, employee preferences for different types of rewards, and compliance requirements.

Q: What are the key elements of total rewards?

The key elements of total rewards are compensation, benefits, work/life effectiveness, recognition, performance management, and talent development. Each element includes programs and practices aimed at attracting, motivating, and retaining employees.

Summary & Key Takeaways

• Total rewards are the combination of monetary and non-monetary benefits provided by companies to attract, motivate, and retain employees.

• The total rewards model takes a broader look at how organizations can effectively design compensation and benefits programs to attract and retain talent.

• External influences, such as the global economic landscape, cultural norms, and regulatory issues, must be considered when developing effective total reward strategies.