Essay Question #3 Answer: A total reward program is a mix 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 an employee's base salary, merit pay, incentives, promotional pay increases, and any inflation adjustments a company may offer. Benefits include your health plans, disability income, life insurance, retirement plans, paid time off, executive benefits and any employee assistance programs. Work experience includes work-life balance incentives such as wellness programs, flexible schedules, employee and family assistance programs (EFAP), etc. Work experience also includes performance management, such as your performance reviews, goal setting, and any recognition and rewards. Career development, including training, professional development, coaching and mentoring, is also part of professional experience. The business, 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 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 organization's human capital strategy. In today's economic environment and market competition, employers must look for ways to reward and motivate their employees. This is very difficult, because the costs of services continue to increase with no end in sight. Total rewards managers must be able to generate a balance between company dollars, middle of paper, business strategy(ies)? Employee values, return on investment (ROI), employee engagement and employee 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 overall rewards strategy reviewed to ensure its continued alignment with business strategy? 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