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TOTAL REWARDS MANAGEMENT (Factors affecting Total Rewards Management in…
TOTAL REWARDS MANAGEMENT
Definition
A total rewards approach links all aspects of reward together and treats them as an integrated and coherent whole.
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Concept
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Formulate and implement an equitable reward system that is congruent with organisation’s strategic objectives.
Arises from the work itself and its impact on the self-generated factors that influence people’s behavior
Takes place when individuals feel that their work is important, interesting, challenging and provides them with scope to use and develop their skills
Involves horizontal integration of reward and HR strategies to achieve greater impact and internal consistency
The process of ‘bundling’ several HR practices together so that they interrelate, complement and reinforce each other
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