Glossary of Employee Recognition, Total Rewards, and Company Culture Terms
Total rewards refer to the combination of all the benefits, incentives, and compensation that an organization offers to its employees in exchange for their work. These rewards go beyond just a salary or base pay and may include things like health insurance, retirement benefits, paid time off, bonuses, and recognition programs.
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By offering a comprehensive package of rewards, companies can create a culture of recognition and appreciation that helps attract and retain top talent. With lackluster total rewards, employees are going to look elsewhere for work sooner or later.
Total rewards provide a tangible and meaningful reward for employees’ hard work and contributions. They help take care of employees’ personal and professional needs. And when employees feel supported and taken care of at work, especially if total rewards cover more than the bare minimum, they’ll respond with greater engagement, motivation, and loyalty.
The best way to improve your total reward offerings is by offering more than what’s standard. Compensation, benefits, employee recognition, work-life balance, and development opportunities are great facets of total rewards to see where you can improve.
Companies can also improve their total rewards by regularly soliciting feedback from employees and making changes based on that feedback. Find out what would be most meaningful to the employees and then improve total rewards accordingly.