chapter 8 flashcards
1
Q
what are Total Rewards?
A
refers to an integrated package-all forms of pay and compensation to employees
2
Q
what is the strategic importance of Total Rewards?
A
- monetary (extrinsic) : compensation of cash payments and benefits
- non monetary (intrinsic) : personal growth and interpersonal rewards
- total awards approach: considers individual rewards components as apart of an integrated whole process. it aligns rewards with business strategies
3
Q
what are the 5 components of Total Rewards?
A
- compensation
- benefits
- work life programs
- performance and recognition
- development and career opportunities
