Do you know your “total rewards”?

Getting paid is crucial, no doubt — but the value you receive as an employee goes far beyond your paycheck! The company contributes a significant amount to your total rewards, including your health and financial benefits, work/life programs, and much more. “Total rewards” looks at your complete compensation picture. It groups together the total value of all the monetary and non-monetary employee benefits you receive.

Knowing your total rewards is important because it can help you better understand, and take advantage of, all the programs your employer has set up to help you personally and professionally. It also helps you recognize the full value of everything you get by working for your organization.

See the big picture

Your company offers several different types of rewards, which may include:

  • Pay and incentives. Your paycheck is likely the most important (and visible) way you get rewarded for your hard work. In addition to your base salary, you may have the opportunity to earn other financial incentives such as bonuses, commissions, or other rewards. Through strong performance and career advancement, you have the opportunity to increase the cash compensation you receive over time.
  • Health and insurance benefits. Companies make huge investments to provide employees and their families with competitive benefits that support health and financial wellbeing. Your company-sponsored benefits can provide security and comfort when you need it most. While the costs the company pays toward these benefits may not be as visible as your paycheck, they make up an important part of your total compensation. From traditional health plans such as medical and dental, to income protection benefits such as life and disability insurance, you’re offered a variety of options to meet different needs and budgets.
  • Work/life balance. It’s not always easy juggling your personal life with work responsibilities — and for many people, the global pandemic has made this even more challenging. Today, companies are increasingly focused on helping employees achieve a healthy work/life balance. In addition to your paid time-off benefits, you may be able to take advantage of flexible work arrangements, a fully-paid employee assistance program (EAP) offering counseling and other services, voluntary benefits offered at group discounts (such as pet insurance and legal services), employee discounts, and more.
  • Savings for the future. By providing retirement benefits such as a 401(k) or 403(b) plan, your employer is making an investment in your financial future. With or without a company match, these plans give you an easy, tax-advantaged way to invest for your retirement and may end up becoming one of your most valuable assets. Your plan offers online tools and resources to help you make informed investment decisions and maximize your savings – be sure to use them! Other employer-sponsored ways to save for your future may include Health Savings Accounts (HSAs), employee stock purchase programs, or profit-sharing plans.
  • Learning and development. In the age of digital learning, people need to learn new skills, and employers want to help them do so. Professional development programs offer the opportunity for continuous learning and skills development. These benefits can be non-monetary (such as on-the-job training, webinars, and mentoring) or monetary (such as tuition reimbursement, student loan assistance, and scholarships). Taking advantage of these opportunities helps ensure both you and the company have skills fit for the future.

Many of your total rewards are described in this website. Take a look around to better understand the value they offer you!

Sources:
“A Comprehensive Guide to Total Rewards (And How to Master It),” Vantage Circle blog (blog.vantagecircle.com), October 7, 2021
“Rethinking Total Reward Strategies,” Strategy+Business (strategy-business.com), July 27, 2021
“What Are ‘Employee Total Rewards’ and Why Should You Implement Them?” Lattice (lattice.com), December 4, 2020