How is "total rewards" defined in human resources?

"Total rewards" in human resources refers to a comprehensive approach to employee compensation that encompasses not just salary but also a variety of other factors. This holistic view includes benefits such as health insurance, retirement plans, paid time off, and various forms of non-monetary recognition like work-life balance initiatives, career development opportunities, and employee recognition programs. The concept emphasizes the importance of viewing employee compensation and motivation in a broader context, recognizing that employees value different components of their reward packages based on their individual needs and circumstances.

In contrast, solely focusing on employee morale would not encompass the detailed aspects of compensation and benefits that "total rewards" aims to define. Meanwhile, a system of employee feedback or a process of performance reviews are important aspects of human resource management but do not directly relate to the financial and non-financial compensation components that make up the total rewards strategy.