Elevating the Impact of Your Organization’s Total Rewards
By Doug Stewart, Senior Total Rewards & HR Consultant
More recently and with increasing numbers, organizations are assessing their Total Rewards. What does Total Rewards mean? How does it differ from separately conducting competitive market studies of their compensation levels and their benefits?
WorldatWork, the Total Rewards-focused professional association provides a definition that is embraced by leaders in Compensation and Benefits as well as those across the HR profession:
“Total Rewards encompasses the elements – compensation, well-being, benefits, recognition and development – that, in concert, lead to optimal organizational performance. When designed strategically and executed in alignment with business goals, Total Rewards programs fuel motivated and productive workforces that feel appreciated and rewarded for their contributions, driving the organization to ever greater success.”