From the course: Certification Prep: SHRM-CP

Unlock the full course today

Join today to access over 22,600 courses taught by industry experts or purchase this course individually.

Total rewards

Total rewards

From the course: Certification Prep: SHRM-CP

Start my 1-month free trial

Total rewards

“

- More and more companies are differentiating themselves from competitors by offering unique development opportunities and non-cash incentives. These are all components of a total rewards strategy. Total rewards is a plan that includes development opportunities, cash and non-cash incentives to employees who attain or exceed set goals. A total rewards program is grounded in the company's compensation philosophy. Compensation philosophy is a formal statement that documents the reason why a company pays the way they do and establishes a compensation structure to ensure consistency. A compensation structure is designed to reflect the company's compensation philosophy, and begins with a job analysis. A job analysis is a review of every role in the organization to get a better understanding of the type of compensation structure that will motivate, engage, and retain quality employees. The entire compensation system design process is detailed in the exercise file. Now there are several types…

Contents