What is a Total Rewards Strategy?
A “Total Rewards Strategy” is a method used by businesses to create and implement a comprehensive compensation and benefits package for its employees. Instead of focusing solely on wages, a total rewards strategy considers the complete bundle of rewards that an employee receives, both tangible and intangible.
“People want to know they matter and want to be treated as people. That’s the new talent contract.”
– Pamela Stroko

A well-crafted Total Rewards Strategy encompasses monetary rewards, such as salaries and bonuses, alongside vital non-monetary elements like recognition, work-life balance, and career development opportunities.
By strategically integrating these elements, organizations can create a compelling value proposition for their employees. This approach not only attracts top talent but also helps improve employee retention, and job performance, contributing to the organization’s long-term success.
 
Continue Reading: What is Total Rewards Strategy? An HR’s Guide