TOTAL REWARDS

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TOTAL REWARDS
Neelam Gill Malhotra
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THE CONTEXT

• HR owners of the largest cost / budget line item
• Cost pressures
• Salary Spiral
• Government Regulations
• Ramp up implications
• Size of organizations
• Socio Cultural Changes
• Dynamic environment

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CB to TOTAL REWARDS.THEN NOW

• THEN
• Socialized Pay
• Internal Equity focus
• Bureaucratic/rule driven
• Entitlements
• Merit raises
• Serial promotions
• Paternalistic benefits
• Narrow view of pay/salary

• NOW
• Differentiation
• Market driven focus
• Focus on principles/flexibility
• A new contract
• Pay for contribution
• Personal Development
• Choice
• Total rewards

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Total Rewards can be defined as all of the
employers available tools that may be used to
attract, retain, motivate employees. This
encompasses every single investment that an
organization makes in its people and everything
its employees value in the employment
relationship.
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TOTAL REWARDS MODEL
External Influences
Compensation
The Work Experience
Benefits
Internal Influences
WorldatWork
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The model has 3 components 1.Compensation This
represents foundational rewards, those that are
financial in nature. 2.Benefits they satisfy
security needs, such as insurance, medical
etc. 3.The work experience This binds employees
to the organization more strongly as it satisfies
an individuals intrinsic needs such as personal
development fulfillment. A- Acknowledgement,
appreciation and recognition B- Balance of work
life C- Culture D- Development E- Environment The
strength of a total rewards program lies in the
collective impact of the three rewards, examining
each individual element in the context of its
whole.
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Overlaying the total rewards model are two key
factors Internal influences - this is what
makes ones organization tick and behaves the
way it does. Business strategy, Costs, Culture,
HR Strategy, Mission, Org Structure
etc. External influences includes the economy,
general business environment, government
mandates, labor pool and others forces largely
beyond the organizations control.
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TOTAL REWARDS CYCLE
Corporate vision / Mission
External Influences
Business Strategy
Program Review Audit
Compensation
The work Experience
Human Resources Philosophy Strategy
Program Design Administration
Benefits
Internal Influences
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Thank You