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Total Rewards Strategy

Author: Warren N. 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.
  • Elements of a total rewards strategy address compensation and benefits, performance management, employee development and work-life programs and initiatives. See Elements of a Total Rewards Strategy.
  • When developing a total rewards strategy, an employer should ensure that the rewards structure is aligned with key strategic elements of the organization. See Developing a Total Rewards Strategy.
  • 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.