Compensation and reward management book pdf

In addition to an employee's salary, total compensation includes other financial benefits like bonuses, commissions, merit awards, and equity.
Together, these make up an employee's gross pay.
While total compensation only includes monetary rewards, total rewards factor in non-monetary benefits as well.
In today's fast-paced business environment, organizations are increasingly recognizing the importance of performance management and reward systems.
These help monitor and enhance employee performance while ensuring fair recognition and rewards for their contributions.
Total reward as an integral element of reward management is the combination of financial and non-financial rewards given to employees in exchange for their efforts.
The aim of total reward is to maximize the combined impact of a wide range of reward elements on motivation, commitment and job engagement.

What does a reward manager do?

These tasks include conducting focus groups and industry benchmark surveys, examining current reward strategies and employee attitudes toward them, reviewing rewards- related literature, and creating a report documenting the team’s findings and recommendations

ConduCting foCus grouPs

What is a compensation management system?

An ideal compensation management system will help you significantly boost the performance of your employees and create a more engaged workforce that’s willing to go to the extra mile for your organization

Such a system should be well – defined and uniform and should apply to all levels of the organization as a general system

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