Final answer:
Total rewards is the sum of all the rewards an employee receives in exchange for their time, efforts, and performance. It includes both direct and indirect financial compensation.
Step-by-step explanation:
The sum of all the rewards an employee receives in exchange for their time, efforts, and performance is referred to as total rewards. Total rewards include both direct and indirect financial compensation. Direct financial compensation refers to the monetary rewards an employee receives, such as salary or bonuses, while indirect financial compensation includes benefits like employee insurance, retirement plans, and employer payments to Social Security.