What is Total Remuneration?
Total Remuneration is synonymous with Total Compensation. It is the complete value of the package an employee is offered, from direct compensation such as base pay and incentive pay, to indirect compensation such as insurance plans, retirement contributions, sick leave, or even employee wellness plans. In some cases, examining the total remuneration of the employees within a company can help management compensation in cost effective ways. For example, it may improve employee morale, health, and performance to offer a gym membership, which might be obtained by the company at a bulk discount. The discounted group membership for the company may be more cost-effective than company wide pay increases.