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TOPIC 10: TOTAL REWARDS SYSTEM (Types of Rewards (Career Development…
TOPIC 10: TOTAL REWARDS SYSTEM
Definition
All tools that an employer may use to attract, motivate and retain their employees
Includes perceived value as a result of the employment relationship
Importance
Reward employees fairly for the work that they have completed
Motivate employees to work hard and achieve organisational goals
Increase employee retention
Helps organization avoid costs required to hire and train new employees
Builds loyalty in employees towards organization
Types of Rewards
Compensation
Fixed Pay
Variable Pay
Short-Term Incentive Pay
Long-Term Incentive Pay
Benefits
Health & Welfare Plans
Health Insurance
Pre-Tax Benefit Plans
Life Insurance
Disability Plans
Employee Assistance Programs
Discount on Fitness Programs
Pay For Time Not Worked
Sick Leave
Bereavement Leave
Vacation Time
Performance Recognition
Service Awards
Exceeding Performance Awards
Employee of the Month / Year Awards
Appreciation Dinner
Work-Life Benefits
Create Workplace Flexibility
Work from Home
Paid & Unpaid Time Off
Health & Wellness Initiatives
Counselling
Career Development Opportunities
Succession Planning Programs
Tuition Reimbursement
Corporate Universities & Mentoring Programs
Seminars Workshops & Conferences
Online Learning & Webinars
Self-Development Courses
Leadership Training