What are the components of total rewards?
The components of total rewards typically include both financial and non-financial rewards that are provided to employees in exchange for their services and contributions to the organization. The specific components of total rewards may vary depending on the organization's industry, size, and business objectives. However, here are some common components of total rewards: Base Pay: This is the fixed salary or hourly wage that an employee receives for their work. Variable Pay: This includes bonuses, incentives, and other forms of pay that are tied to the employee's performance or the achievement of specific goals. Benefits: This includes non-wage compensation such as health insurance, retirement plans, paid time off, and other perks. Recognition: This includes acknowledging and rewarding employees for their contributions to the organization through non-monetary means, such as awards, certificates, or public recognition. Career Development: This includes providing opportunities fo...