Total reward framework (F)
Definition: It refers to all tangible and intangible rewards that an employee receives for working in a company.
Tangible rewards refer to all financial and non-financial rewards that can easily be assigned a financial value.
Examples of tangible rewards: salary, bonuses, commissions, allowances, benefits, training, etc.
Intangible rewards refer to emotional rewards received by an employee for working for a company. The financial value of intangible rewards is very hard to measure
Examples of intangible rewards: work life balance, enabling environment, growth opportunities, etc.
Total reward framework states that to get maximum engagement and performance companies must reward employees both financially and emotionally.
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