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Total Rewards

To attract and retain high-quality talent, companies design reward packages that will appeal to a variety of people. Companies address pay and benefits with a total rewards philosophy. The total rewards package includes all forms of compensation, the monetary and nonmonetary rewards provided by a company to attract, motivate, and retain employees. The effectiveness of the reward system depends on linking compensation to organizational objectives and strategies so that employees are encouraged to work in a manner that benefits the company and its stakeholders. An effective total rewards approach balances the interests and costs of the company with the needs and expectations of employees.