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Unformatted text preview: l rewards: J Pfeffer (1998) put it very well: Total rewards is about creating a fun, challenging and empowered work environment in which individuals are able to see their abilities to do meaningful jobs for which they are shown appreciation. This is likely to be a more certain way to enhance motivation and performance – even though creating such an environment may be more difficult and take more time than turning the reward lever. Total Rewards ­ Components Total Rewards ­ Components Transactional rewards Base pay Total Remuneration Contingent pay Employee benefits Relational rewards Recognition Learning & development The work experience Non-financial / intrinsic rewards TOTAL REWARD Total Reward – Model Total Reward – Model Contingent pay Cash bonuses Long-term incentives Shares Profit sharing Holidays Health care Social events Rostered days off Car L&D Workplace L&D Training Performance Mgt Career development Coaching / mentoring WORK ENVIRONMENT Organizational values Leadership Employee voice Recognition Achievement Job design Physical work space Work-life balance Talent management Relational (intangible) Communal Individual Total Total Transactional (tangible) Reward BENEFITS Map PAY pay Base Pensions Total Rewards Inventory Total Rewards Inventory Total Rewards ­ Centrica Total Rewards ­ Centrica • Improved employee perception of their reward package • Increased performance through greater employee commitment and motivation • Improved recruitment from a more marketable rewards package • Achievement towards becoming an ‘employer of choice’ • Promotion of flexibility in pay delivery • Better meeting of individual employee needs • Helping manage costs and maximize returns on investment in HR • Growing employee discretionary effort through co...
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