“Total Rewards” refers to the comprehensive set of compensation, benefits, and rewards that an employee may receive from their employer. Total rewards packages typically include financial components such as salary or wages, bonuses if applicable, stock options and health benefits, as well as nonfinancial components like recognition gifts, opportunities for growth and development, and work flexibility. Total rewards makes up a core piece of an organization’s EVP.
Our new research on rewards (The Definitive Guide To Pay And Rewards) points out that topics like Pay Equity, transparency, communication, and regular reviews of pay (more than once per year) are all best practices in the current economic environment.
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