Essay Question No. 3 Answer: A Total Rewards program is a combination of monetary and non-monetary rewards offered to employees. The key dimensions of an effective Total Rewards program are compensation, benefits, work experience, culture and environment. Compensation includes the employee's base pay, merit pay, incentives, pay raises for promotions, and any inflation adjustments a company may offer. Benefits include health plans, disability income, life insurance, pension plans, paid leave, executive benefits, and any employee assistance programs. Work experience includes incentives for work-life balance such as wellness programs, flexible schedules, Employee and Family Assistance Programs (EFAP), etc. Work experience also includes performance management such as performance appraisal, goal setting and any recognition and rewards. Professional growth, including training, professional development, coaching and mentoring, is also part of the work experience. The company, organization and HR strategy are components of the Culture and Environment dimension of an effective Total Rewards program. Financial impact, customer expectations, employee interests and expectations are also all part of what constitutes Culture and Environment. Total Rewards managers must design and manage programs to help retain, attract and engage key talent. The Total Rewards Manager must know and understand the human capital strategy for the organization. With today's economy and competition in the marketplace, employers must look for ways to reward and motivate their employees. This is very difficult as benefit costs continue to rise with no end in sight. Total Rewards Managers must be able to generate a balance between corporate dollars and...... middle of paper......r business strategies? Employee values, return on investment (ROI), employee engagement and satisfaction are all key measures of success in a Total Rewards program. Business strategies change every three to five years, as we discussed in class. How often is your company's total rewards strategy reviewed to ensure it is consistently aligned with business strategy? Works Cited http://www.shrm.org/hrdisciplines/benefits/documents/07rewardsstratreport.pdf http://www.ceoforum.com. au/article-print.cfm?cid=6274&t=/Ken-Gilbert--Mercer-Human-Resource-Consulting/Aligning-your-total-rewards-strategy-with-your-business-goals/http://www. aonhewittcommunication.com/consulting/includes/attachments/BenefitsQuarterly.pdfhttp://www.legacybowes.com/our-services/hr-a-organizational-development-services/compensation-and-benefits/total-rewards-system.html