Total Rewards in Various Philippine Organizations: Impact on Employees’ Pay, Benefits, Work-Life Balance, Career Development, and Performance Recognition
A total rewards package encompasses elements or components that, in concert, lead to optimal organizational performance and employee satisfaction. It includes the following elements: compensation or pay, employee benefits, work-life balance, career development, and performance recognition. In the Philippines, data are scarce on organizational Total Rewards Management (TRM) philosophy and the practices that come with it. This replication study aimed to assess the association of a TRM philosophy and several descriptive variables like its type of ownership, number of years in existence, number of regular and non-regular employees, and business site. It also aimed to determine if employees’ belonging to companies with and without a TRM philosophy experience differences in TRM elements. A survey was performed to ascertain human resource (HR) respondents’ level of agreement (n=550) with specific statements about the TRM components. Results show that larger companies are more likely to have an existing TRM philosophy in place. Additionally, employees working in companies with a TRM philosophy experience better TRM elements. These findings suggest that adopting a TRM philosophy, especially by smaller organizations, will significantly improve their employees’ experience in TRM components.