The Total Rewards philosophy is a h

The Total Rewards philosophy is a high-level mission statement used to guide the development and implementation of compensation and benefit programs that attract, motivate, and retain employees. Typically, HR works closely with the executive management team to develop and implement the organization’s TR philosophy.During the development or revision of a TR philosophy, the HR management team facilitates the process by gathering input from and building consensus with key stakeholders such as members of the executive team and, in organizations governed by a board of directors, may involve members of the board’s compensation committee in the process as well. Creating a TR philosophy in this way provides an opportunity to look at the whole package offered to employees and analyze which combination of programs will best achieve the organization’s hiring and retention objectives.