Total Rewards

Author: Warren Rothman, Blue Prairie Group LLC

Summary

  • A comprehensive total rewards strategy incorporates an integrated set of initiatives that are tied to the employer's business objectives, culture and core values. HR should lead the development and implementation of this strategy. See Total Rewards Strategy Overview.
  • The performance management process provides necessary and valuable input to total rewards strategic initiatives. See Performance Management.
  • Using total rewards initiatives, such as succession planning, internal or external training, job rotations, or mentoring, HR can develop a talent pool to fill employers' job vacancies and reduce costs. See Employee Development.
  • A total rewards strategy should incorporate initiatives that help employees balance their work and personal lives. See Work-Life Programs and Initiatives.
  • Often, employees do not understand the significant investment employers put into a total rewards strategy. HR can use various techniques to address that information void. See Communicating Total Rewards to Employees.
  • A total rewards strategy can yield significant financial and nonfinancial returns to the employer. HR plays an important role in developing and monitoring these key business metrics. See Assessing the Impact of Total Rewards Strategy.