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Financial remuneration and benefits are expected components of a compensation package. The last 3 mentioned bear further scrutiny.
The more progressive organizations have been incorporating programs that are designed to help their employees do their job more effectively. These businesses have come to realize that when they support their workers -- their workers support them. Examples of work-life programs include on-site daycare and flexible scheduling. Technology and a global economy have forced companies and employees to change their expectations of each other -- and for the most part this has improved opportunities for both.
Studies have shown that employees demonstrate greater satisfaction in their jobs when there is a recognition component to a compensation package. According to Christofferson (2006) "recognition is necessary in order to reinforce the value of performance improvement and foster positive communication...
It can be programmatic or simply cultural in execution."
Recognition allows employers to honor their employees for their accomplishments, behaviors and successes. This reinforces the value of an employee's performance and its link to the success of an organization as a whole.
Finally, development and career opportunities have been added to the rewards program. This has found to be motivational for many employees who seek to advance their position in an organization. Such things as tuition assistance and apprenticeships are examples of rewards that are beneficial to employer and employee and another reason that a total rewards program is an exceptional compensation model.
References
Christofferson, J, & King, B. (2007). Breaking down the barriers, part 2. Workspan, p. 1-8.
Mercer (2004). Striking the right balance: Total rewards that work. New York:
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