HRM200 Study Guide - Midterm Guide: Worldatwork, Unemployment Benefits, Equal Pay For Equal Work
25 Sep 2017
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Document Summary
Total rewards refers to all forms of pay or other compensation provided to employees. The total rewards approach has arisen from changing business environment of the last several decades. A total rewards approach considers individual reward components as part of an integrated whole. Originally, total rewards were conceptualized as having three broad categories: they are: compensation, benefits, work experience. Research conducted by worldatwork has clarified the work experience category of total rewards by splitting it into three parts. They are: work/life programs, performance and recognition, and development and career opportunities. Work/life programs help employees do their jobs effectively using flexible scheduling and childcare. Engagement is a positive emotional connection to the employer and a clear understanding of the strategic significance of the job. The revlex company did a salary survey, and the results showed that 10 of its key positions had lower wages compared with similar positions at their key competitors. The problem the company faces is external inequity.
