From the course: Human Resources: Compensation and Benefits
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Total rewards system components
From the course: Human Resources: Compensation and Benefits
Total rewards system components
- Employees want to hear more from their managers than, "We really value what you do for us." They want to see the evidence, not just their base pay, but all forms of the compensation and benefits they receive. Let me show you how the various components of the system of compensation and benefits tied together to implement a strategic approach to total rewards. In a world of relentless economic pressure, shifting industry dynamics, and changes in regulations, it's no exaggeration to say that we live in uncertain times. The first step to managing this environment is to plan ahead. For example, one employer might have a strategy of leading the market in total rewards for mission critical jobs. Another employer who does business in many states might adopt the strategy of treating all employees consistently regardless of where they reside. If one or more states change their requirements for benefits, that could lead the company to choose benefits from the most generous state. The next step…
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