I need help to determine the components of a total rewards system. Also include justification for including each component and an explanation as to how it benefits the employee and the company.
Provide at least one (1) source with in-text citations.
This response contains information and resources which will assist you in beginning, completing and or gaining clarification on your assignment.
A total rewards systems consists of elements such as salary and benefits and a work environment rich with rewards and recognition. According to Alliance for Work-Life Progress (AWLP), there are five keys elements of a total rewards system:
Comprised of four elements; fixed pay or base pay which does not vary due to performance or results achieved; variable pay-pay typically tied to performance or results achieved, is usally a one time incentive which must be earned repeated based upon a set criteria; short term incentive pay-pay that is rewarded for a short term, such as promotions being run by the company for short period of time which reward employees financially for achieving a specified goal; and long term incentive pay- pay based on long terms which are based on performance such as stocks and cash.
Benefits are non-cash incentives that supplement cash compensation such as insurance (medical, dental, vision, life), worker's compensation and paid time off (i.e. vacation, sick, birthday, etc.). Benefits are often extended to immediate family members which is a huge incentive for individuals seeking employment to remain employed at length.
Achieving an adequate work-life balance is easier when it is supported by an employer. Through creating an environment where employees ...
This solution will offer an overview concerning the components and benefits of a Total Rewards System which is comprised of compensation and other employee benefits.