Creating a Total Rewards Strategy

Author: Warren N. Rothman, Blue Prairie Group LLC

Introduction

Attracting, motivating and retaining talent is critical to an employer's short- and long-term success. A comprehensive, integrated total rewards strategy can help achieve those important objectives. Led by HR (in close collaboration with senior leadership and other functional heads), a total rewards strategy typically includes the following components:

• Compensation;
• Benefits;
• Performance management;
• Employee development; and
• Work-life programs and initiatives.

This guide discusses different elements of a total rewards strategy and how HR can help develop, communicate and assess the strategy.