From the course: HR Foundations: Core Human Resources
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Total rewards to attract, retain, and motivate employees
From the course: HR Foundations: Core Human Resources
Total rewards to attract, retain, and motivate employees
- Employees contribute their time as well as their knowledge, skills and abilities in exchange for rewards that they value. Total rewards include pay, benefits and incentives as well as those that employees receive based on their relationships with their employers such as recognition and status, challenging work and learning opportunities. Base pay and incentives comprise direct compensation. That is cash in the form of base pay, merit or cost of living increases, annual bonuses, short-term incentives and long-term incentives typically in the form of stock ownership or options to buy stock at a fixed price. Base pay is the cash that the employer pays for the work performed. Following an assessment of recent past performance, merit increases are awarded as increases to base pay. Increasingly however, companies are using merit bonuses. These are still based on ratings of performance but are paid in the form of a lump sum…
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