Transcription of Total Rewards in Action:Developing a Total R
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Total Rewards in Action:Developing a Total R
32 August 2005 Benefits & compensation DigestWhat Are Total Rewards ?The concept of Total Rewards em-braces everything employees valuein their employment holistic concept is driven by thechanging perspective of employees andwhat they concept integrates four major cat-egories of Rewards :1. Compensation2. Benefits3. Development4. Work pay, in-centives (both short term and long term,including equity) and monetary recogni-tion programs. Benefitsinclude health andwelfare, retirement and capital accumula-tion programs, as well as a wide variety ofspecialty programs such as child-care re-sources, fitness centers, concierge servicesand everything in between. Developmentrelates to programs that promote learningTotal Rewards in Action: Developing a Total RToday, the term Total Rewards is common, but that wasn t always the case.
C OMPENSATION August 2005 • www.ifebp.org • Benefits & Compensation Digest 35 retention the main drivers, or are there other factors such as employee develop-ment or performance recognition?
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