Final answer:
A Total Rewards Strategy is a plan implemented by organizations to provide monetary, benefits-in-kind, and developmental rewards to employees who achieve specific business goals. It includes compensation, benefits, and learning & development opportunities.
Step-by-step explanation:
The plan or method implemented by an organization that provides monetary, benefits-in-kind, and developmental rewards to employees who achieve specific business goals is known as a Total Rewards Strategy. This strategy includes various components such as compensation, benefits, and learning & development opportunities.
The compensation strategy focuses on rewarding employees based on the effort they expend in their work activity. It considers factors like salary, supplemental pay, insurance, health benefits, retirement plans, and other legally required benefits.
The learning & development strategy is aimed at enhancing the growth and development of employees. It includes training programs, career advancement opportunities, personal growth, and professional relations. These strategies aim to motivate employees, improve productivity, and create a positive work environment.