If you could build your own total rewards program, what would be the components?

Explain your answer.

One answer is to ask employees, although there might be concern that by asking, employees will have raised expectations as to what should be included. However, by not doing so, a company may put together a total rewards approach that is not meaningful to the employees and therefore may not achieve the total rewards strategy of the company. For example, a group of chief financial officers recently were asked to rate the total 3 components of a total rewards program. They listed a better benefit plan, more flexibility, and more vacation days. When a group of employees were asked the same question, their responses were more vacation days, more flexibility, and a better benefit plan. If the company could only do the first choice, it is possible that it would have missed the mark by following the views of the chief financial officer instead of the employees. It is also possible that the costs might have been more.