Human Resource Management is about the formal systems designed to manage people in an organization. It is made up of eight functional areas of human resource work. Let’s explore total rewards. Total rewards are the financial and non-financial tools used to attract, motivate and retain employees. The activities of total rewards include six interconnected elements of employee returns. The Total Rewards Model serves as a valued resource for companies worldwide to create a successful business strategy that attracts, motivates, retains and engages employees. Three key areas create a dynamic relationship between employee and organization: - External influences: Industry and geographic area in which the organization competes for talent. - Internal influences: Business strategy, organizational culture and human resource strategy that drive total reward decisions. - Total rewards strategy: Six elements of total rewards that define an organization’s program. There are six elements of total reward strategy that collectively define an organization’s strategy to attract, motivate, retain and engage employees: Compensation Pay provided by an employer to its employees for services rendered. This includes both fixed and variable pay tied to performance levels. Benefits Programs an employer uses to supplement the cash compensation employees receive. These health, income protection, savings and retirement programs provide security for employees and their families. Work-Life Effectiveness A specific set of organizational practices, policies and programs, plus a philosophy that actively supports efforts to help employees achieve success at both work and home. Recognition Either formal or informal programs that acknowledge or give special attention to employee actions, efforts, behavior or performance and support business strategy by reinforcing behaviors that contribute to organizational success. Performance management The alignment of organizational, team and individual efforts toward the achievement of business goals and organizational success. Performance management includes establishing expectations, skill demonstration, assessment, feedback and continuous improvement. Talent development Provides the opportunity and tools for employees to advance their skills and competencies in both their short- and long-term careers. Enjoy learning more about total rewards.

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