Total rewards is an organizational system of rewards that is inclusive of compensation, benefits, and any tangible or intangible items employees value and an employer provides to retain employees and reinforce preferred behaviors. These forms of compensation are broken down into two categories: direct (monetary) and indirect (non-monetary).
Discussion Question—Choose one perspective in which to respond.
Non-HR Perspective: Does a manager have a role in developing the organization’s compensation strategy? Please explain.
HR Perspective: Name and discuss three key factors or process that are necessary to sustain a competitive compensation strategy?