Total reward is a comprehensive approach to compensating and motivating employees that goes beyond just monetary compensation. It encompasses all the elements and benefits that employees receive in exchange for their work, including not only salary and bonuses but also non-monetary rewards such as benefits, recognition, career development opportunities, and work-life balance initiatives.

Example
An employee's Total Rewards package at a technology company may include a competitive salary, an annual performance bonus, health insurance coverage, stock options, flexible work hours, a wellness program, access to professional development courses, and recognition for outstanding contributions. This holistic approach aims to attract, retain, and engage employees by addressing their diverse needs and preferences beyond financial compensation.