HR 3301 Study Guide - Midterm Guide: Total Rewards, Disability Insurance, Job Design
Document Summary
Definitions and differences of total rewards, total compensation and relational returns. Total compensation: cash compensation + benefits: cash compensation: base pay, merit/ cost of living, short-term incentives, long-term incentives, benefits: life, health, disability insurance, and pension, work/ life programs, allowances. Relational returns: recognition and status, employment security, challenging work, learning opportunities. Total rewards: is a concept that describe all the tools available to an employer that may be used to attract, motivate and retain employees. To an employee seeking new employment, the notion of total rewards includes perceived value as a result of employment relationship. Total rewards include cash compensation, benefits, and relational returns. Total compensation is more transaction and includes pay received directly as cash. Relational returns are the psychological returns people believe they receive in the workplace. Base pay reflects the value of the work/ skill and ignores differences attributable to individual employees.
