Reimagining reward management: An exploration of total reward perspectives and their impact on employee retention and motivation

Abstract

This paper, "Reimagining Reward Management: An Exploration of Total Reward Perspectives and Their Impact on Employee Retention and Motivation," investigates the comprehensive construct of 'total reward' in human resources management. We examine the various facets of total reward, including compensation and benefits as safety and security needs, health and well-being, esteem recognition, and self-actualization opportunities. The study underscores the necessity for organizations to continuously review their compensation and benefits policies to ensure pay equity, a critical factor in employee motivation and retention. Drawing on theories from Armstrong & Taylor (2020), Milkovich, Newman, & Gerhart (2020), and Maslow (1943), we present a holistic approach to reward management, arguing that an integrated strategy significantly contributes to an organization's overall success. The findings are expected to provide fresh insights into the role of reward management, highlighting its importance in today's competitive business environment. Future research directions include quantifying the impacts of total reward strategies on employee performance and organizational outcomes.

Key words: Reward management, Rewards, Employee retention, Motivation, Compensation.