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Total Rewards Package Considerations Presentation

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TOTAL REWARDS PACKAGE CONSIDERATIONS PRESENTATION Introduction ❖Compensation systems – Determine achievement of strategies and goals ❖Effective compensation systems attract qualified workers ❖A rewarding system must be considered in the context of total reward ❖An effective total reward - Consider both intrinsic and extrinsic rewards (Frey & Osterloh, 2013) ❖Other rewards besides financial - working conditions, recognition, and work-life balance Total Reward Package ❖Total reward package - Everything a worker considers as valuable ❖Everything an organization considers as unique and valuable to a particular job offering ❖Elements considered in a total reward package may vary depending on individuals ❖Total reward package is more preferred than the traditional compensation ❖Prospective workers scout for more than financial compensation Present Reward Package ❖My present engagement offer comprises of two parts ❖Financial rewards - Basic pay, gratuity, perquisites, bonuses, pension ❖Non-financial rewards - Recognitions, growth opportunities, medical services, and work-life balance Figures; $ 131, 370 (Basic Pay) $ 65, 688 (Health Reimbursement Arrangement) $ 10, 0032 (LTC services) Present Reward Package (Cont) ❖More figures; $ 24, 066 (Supplementary Allowance) ❖Deductions $ 6, 144 (Professional Development $ 1, 400 (Professional Tax) Allowance) $ 1, 680 (Long Term Incentive) $ 1, 200 (Children Education Allowance) $ 2, 400 (Chi ...
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