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Answer :
A rewards system that includes compensation, benefits, work-life effectiveness, recognition, performance management, and talent development is "Total Reward".
What is total reward ?
The mixture of benefits, pay, and prizes that employees receive through their employers is known as total rewards. Pay and bonuses, as well as acknowledgment, workplace flexibility, and career prospects, can all fall under this category.
To know more about total reward-
- Total rewards can also refer to the department or function within HR that manages pay and benefits, or the sum of an employee's perceived intrinsic and extrinsic benefits (or worth).
- Better prospects for professional advancement, healthcare benefits provided by the business, paid parental leave or even more work-life balance are a few examples.
- Although they may be more qualitative then quantitative, these additional elements have a big impact on whether a candidate accepts or rejects a job offer from your business or if an employee decides to stay or leave your firm.
- Employee perks, workplace culture, office setting, and other intangible benefits all play a big part in making your business appealing to potential employees and encouraging commitment and loyalty among your current workforce.
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