From the course: Certification Prep: Professional in Human Resources (PHR)®

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Designing total rewards

Designing total rewards

From the course: Certification Prep: Professional in Human Resources (PHR)®

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Designing total rewards

- It's pretty common for employees to feel like they're not being paid what they're worth. Often it's because employees may not have a full appreciation for the many different components that make up total rewards packages. Total rewards are all the financial and non-financial benefits that are of value to an employee. This can include direct compensation in the form of base pay or indirect compensation elements such as holiday pay or 401K matching. When developing total rewards packages, HR pros must first group jobs into job families. A job family is a group of jobs with similar tasks and responsibilities. For example, all financial roles in a company may be grouped together. Then you further separate the financial job family into account payable roles, financial analyst roles, investment analyst roles, and so on. Or, it may make more sense for your company's business model to organize financial roles into hourly versus salaried, or exempt and nonexempt. Once the job families are…

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