What is a Total Rewards Program?

A Total Reward Program is the value package of you offer your people, including compensation, benefits and perquisites. Elements may include base salary, incentive pay, training, insurance (health, dental, vision, and life), short- and long-term disability, workers compensation contributions, retirement plan contributions, profit sharing, social security tax, unemployment tax, paid time off (vacation, sick, holiday, personal leave), employee assistance program, bonus time off, community service sabbaticals, and travel awards.

What are considerations in designing a Total Rewards Program?

• Should be easily understood and straightforward.

• Foster compliance.

• Ensure fair and consistent treatment of your people.

• Reward contributions to organizational objectives.

• Reinforce the employee's role as an organizational stakeholder.

• Adaptable to changing needs.

• Mix of base and variable compensation to support business results.

• Emphasis on a combination of both individual and team performance.