A Totally Rad Total Rewards Glossary

Glossary of Employee Recognition, Total Rewards and Company Culture Terms

Compensation

Compensation refers to the total amount of monetary and non-monetary benefits that an employee receives in exchange for their work. This can include salary, bonuses, benefits and perks.

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What is the importance of remuneration?

Remuneration helps companies attract and retain top talent, motivates employees to perform at their best, and improves overall employee satisfaction.

How does remuneration drive employee engagement and motivation?

Remuneration is a powerful tool for motivating and engaging employees. By providing fair and competitive remuneration, companies can help employees feel valued and appreciated, which can lead to increased job satisfaction and motivation.

What are some best practices for Remuneration?

When it comes to Remuneration, it's important for companies to be fair, transparent, and competitive. Here are some best practices:

Conduct regular market research to ensure that your remuneration package is competitive
Offer a variety of remuneration options, including bonuses, benefits, and perks
Be transparent with employees about how remuneration decisions are made
Provide opportunities for employees to earn additional remuneration through performance-based rewards and recognition programmes.

By incorporating these best practices, companies can use Remuneration to attract and retain top talent, motivate employees and improve overall employee satisfaction.