A total rewards strategy should include the following components:
• Base Pay: Ensure that salaries are competitive with industry standards and reflect the value of each role within your organization.
• Bonuses and Incentives: Incentives such as performance-based bonuses, profit-sharing, and commissions can motivate employees and align their performance with organizational goals.
• Benefits: Offering a competitive benefits package, including health insurance, retirement plans, paid time off, and wellness programs, can make your organization more attractive to potential employees.
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