You may already have a general understanding of how total compensation differs from a total rewards system, but sometimes, the terms are mistakenly interchanged. Here, we clear up any confusion between these two strategies and highlight the main differences between each.
Total rewards statements can be useful for communicating the comprehensive valuation of employment to your teams, but some organizations are choosing an even more powerful approach to drive engagement, retention, and improve overall business outcomes: a total rewards system. Unlike employee benefit statements, total reward systems are not just a once-yearly event. Instead, they take […]
Compensation statements, also sometimes referred to as employee benefit statements or total reward statements, give employees an in-depth look at how they’re being rewarded. While some employers view them as an “extra” step in the already lengthy compensation cycle, organizations that have implemented them know that there is real value in issuing these statements to […]
Here, we take a look at a few different definitions of total rewards systems and help you translate them into a meaningful description to fit your company.
Managers and executives know that to retain high performers, they need to offer a competitive salary that adequately reflects the business climate of their industry. But what else can you offer as incentives to keep talented individuals on board? Here, we examine the components of a total rewards system which you can implement in your […]
Career development is an important component of total rewards, and it’s the biggest driver of engagement among Millennial employees. It gives the employee a clear roadmap which details what they’ll need to do to progress from one level to the next. This also opens up opportunities to have insightful conversations and check-ins with managers. According […]
