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Total reward is an approach to reward management that emphasizes the need to consider all aspects of the work of value to employees, not just a few, such as pay and employee benefits. It aims to blend the financial and nonfinancial elements of reward into a cohesive whole. Total rewards complement the organizational goals as well as values and culture, ensuring a highly effective realization of the business strategy. Total reward is of interest because it encompasses all types of rewards – nonfinancial as well as financial, indirect as well as direct, and intrinsic as well as extrinsic.
Today it is more important than ever for organizations to have a strategic and integrated approach to rewards. Traditional rewards programs are typically financial in nature and must be at least at a baseline competitive level for companies to attract and retain talent (Bremen and Sejen 2012). The effectiveness of these traditional rewards...
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