Encyclopedia of Sustainable Management

Living Edition
| Editors: Samuel Idowu, René Schmidpeter, Nicholas Capaldi, Liangrong Zu, Mara Del Baldo, Rute Abreu

Total Rewards

  • Ewa Beck-KralaEmail author
Living reference work entry
DOI: https://doi.org/10.1007/978-3-030-02006-4_203-1
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Synonyms

Definition

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.

Introduction

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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Copyright information

© Springer Nature Switzerland AG 2020

Authors and Affiliations

  1. 1.Faculty of ManagementAGH University of Science and TechnologyKrakowPoland

Section editors and affiliations

  • Mirja Mikkilä
    • 1
  1. 1.School of Energy SystemsLappeenranta University of TechnologyLappeenrantaFinland