Abstract
It's not surprising that when most employees hear term they typically think of money that they receive in their paycheck. Total compensation, however, extends beyond salary. Total compensation may be defined as the package of quantifiable rewards that an employee receives for his or her labors. (Gomez-Mejia et. al, 2012, pg. 312) It is resources that employers offer to attract, motivate and retain employees. An employee's total compensation includes base compensation, pay incentives and benefits or indirect compensation (see figure below). In following we will discuss these three components and identify how they are used in an organization's human resources strategy.
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