Compensation and rewards

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Thailand culture
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Compensation and rewards
Total reward is a blend of non-monetary and monetary rewards that are offered to
employees for their contributions and support to an organization. The main dimension of
effective total reward system include benefits, compensations, culture, work experience and
environment. Benefits are defined as non-monetary incentives awarded to employees for their
services and they include retirement plans, health plans (inclusive optical and dental insurance),
executive benefits, disability income, paid time off and any other employee assistance program
that a company is willing to offer.
Work experiences rewards include work-life balance incentives like employee and
family assistance programs (EFAPs), flextime and wellness program. Furthermore, work
experience may also include performance management like goal setting, performance appraisals
and any other awards or recognition (Beck-Krala, Tarczoń & Masłyk, 2017). Work experience is
also a part of employee career growth and development and includes mentoring, coaching,
professional development and training. Culture and environment dimensions of a total reward
system involve human resource strategy, employees’ interest, customer expectations and
financial impacts.
Compensation is defined as the monetary benefit that an organization offers to employees
for their services (DeGeest, Follmer, Walter & O’Boyle, 2017). Compensation is based on
employee accomplishments and contributions, market research about the worth of similar jobs,
the profitability of the company, employee’s skills and experience and desire of the employer to
retain and attract employees. Through an in-depth research from public and non-public sector,
employer determines the pay-market rate of compensating employees (Olson, Slater, Hult &
Olson, 2018). Compensations include payments such as sales commissions, overtime pay,