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Total Rewards System (Factors Affecting the system (Legislations, National…
Total Rewards System
Factors Affecting the system
Legislations
National Wages Council's recommendations
Company's ability to pay
Company's rewards and policies
Union Influence
Employee needs
Equity
Elements/Components
Compensation
Fixed pay
Variable Pay
Benefits
Health insurance
retirement programs
Payment for time not worked
Work-life
Flexible schedules
Compressed workweek
Flexitime
Telecommuting
Wellness programmes
Physical Fitness Program
Nutrition Programs
Smoking cessation programs
Employee support schemes
Performance & recognition
Years of service award
Employee appreciation day
Verbal praise
Development and career opportunities
Advantages
Increased flexibility
Improved recruitment and retention
Reduced cost
Heightens Visibility
Enhances Profitability
Objectives
To retain employees
To motivate employees
To attract new employees
Disadvantages
Lag the market
Appropriate mixture
Self focus and competition