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A Total Reward Strategy Should Include Five Components

Five components of a total reward strategy:


Direct Financial:


  • Base pay
  • Incentives
  • Ownership
  • Cash recognition

Indirect Financial:


  • Benefits
  • Non-cash recognition

Identification:


  • Organizational pride
  • Title, level
  • Work environment

Work Content:


  • Clear goals
  • Feedback
  • Challenge
  • Elbow room

Career Opportunities:


  • Growth
  • Development
  • Job security

SOURCE: Sibson & Company


Personnel Journal, April 1995, Vol. 74, No. 4, p. 33.