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Total Rewards System (Components (Compensation (Pay provided by an…
Total Rewards System
Components
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Work-life Effectiveness
A specific set of organizational practices, policies and programs, plus a philosophy that actively supports efforts to help employees achieve success at both work and home
Recognition
Either formal or informal programs that acknowledge or give special attention to employee actions, efforts, performance and support business strategy by reinforcing behaviors that contribute to organizational success.
Performance Management
The alignment of organizational, team and individual efforts toward the achievement of business goals and organizational success.
Talent Development
Provides the opportunity and tools for employees to advance their skills and competencies in both their short- and long-term careers.
Purpose
encompasses six components — compensation, benefits, work-life effectiveness, recognition, performance management and talent development
that collectively define an organization's strategy to attract, motivate, retain and engage employees.
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Definition
Total reward describes a range of monetary and non-monetary rewards, which can assist councils in promoting and enhancing their reputation as a great place to work