Creating Impact Through Total Rewards

Flashcards related to Total Rewards

Total Rewards

The strategic portfolio of commitments an employer designs to attract, retain, and motivate employees.

Total Rewards Strategy

A comprehensive portfolio of financial and non-financial commitments an employer designs and implements to attract, retain, and motivate the talent required to achieve the business strategy.

People Value Proposition

The perceived benefit of an employer's environment, rewards, and culture in exchange for skills, experience, and qualities an employee brings to the role and organization.

Compensation

Total cash or remuneration provided by an organization to its people in exchange for service, including both fixed pay and variable pay elements.

Benefits

Programs that focus on health and welfare, income protection, financial preparedness, retirement, and time off.

Well-being

A state of wellness in which individuals are productive, comfortable, happy, and healthy.

Careers

Opportunities offered to employees that enable advancement of skills, nurtures a sense of purpose, and elevates their employability.

Recognition

The act of expressing validation, gratitude, and celebration of individual and/ or workforce contributions.

Business Life Cycle

Generally accepted as a five-stage cycle used to describe the life of a product, or an organization: threshold (or start-up), growth, maturity, decline, and rebirth.

Compensation Philosophy

Statement of what the organization believes about why and how people should be rewarded. Outlines the organization’s beliefs and values regarding compensation.

Short-Term Incentive

Rewards that are based on the attainment of short-term results of 12 months or less.

Long-Term Incentive

Rewards that are based on the attainment of results in more than 12 months.

Well-being effectiveness

The impact of well-being programs in meeting employee needs to achieve a state of wellness in which individuals are productive, comfortable, happy, and healthy across physical, emotional, mental, financial, spiritual, and environmental levels.

Total rewards statement

A statement capturing an overview of an organization's rewards programs.

Informal recognition

Discretionary acknowledgment of behavior or efforts that is delivered spontaneously or "on the spot" to an employee(s).