Five components of a total reward strategy:
Direct Financial:
- Base pay
- Incentives
- Ownership
- Cash recognition
Indirect Financial:
- Benefits
- Non-cash recognition
Identification:
- Organizational pride
- Title, level
- Work environment
Work Content:
- Clear goals
- Feedback
- Challenge
- Elbow room
Career Opportunities:
- Growth
- Development
- Job security
SOURCE: Sibson & Company
Personnel Journal, April 1995, Vol. 74, No. 4, p. 33.