Capterra Glossary
Total Rewards
Total rewards include all the benefits, rewards, and compensation employees receive at work. These perks might include:
Wages
Bonuses
Healthcare insurance
Life insurance
Paid time off (PTO)
Maternity/paternity leave
Flexi-time
Stock options
Employee recognition programs
Employee discount programs
Career opportunities
Total rewards can also refer to the department within HR that handles benefits, rewards, and compensation. Additionally, it can mean the total value that an employee perceives their rewards package to be worth.
What Small and Midsize Businesses Need to Know About Total Rewards
SMBs might present benefits, rewards, and compensation using the total rewards approach because it showcases the overall value of their rewards package. By increasing awareness of this package, smaller businesses might attract talent from larger companies that offer fewer or less valuable rewards.