Abstract:

The current paper objective is to highlight the idea that the companies should aim to implement an efficient total reward management, in order to attract, retain, motivate and improve the performance of its employees. Different types of rewards which can be offered to employees and the evolution over time of employees’ preferences for every type will be analyzed. This evolution has led to the transition from the compensation model to total rewards management model. By analyzing the studies published so far, the paper will present ways in which total rewards management can be effectively used within companies. The paper will also demonstrate that total rewards management has a determining role for increasing the performance of companies. The paper aims to present the influence of the entire package of rewards that can be offered by companies to their employees, given the fact that many of the studies published so far have focused only on the analysis of one or several rewards. This paper also aims to identify the full package that will be most appreciated by employees based on cultural, gender and age differentials.