Freelance Total Rewards continues to call Singapore home. But we now have a registered branch office in Seoul, Korea. We are set for growth with a local branch manager/consultant and a great co-working office location in Hongdae, in the exciting Hongdae area in Mapo-gu district.
What is total rewards? Total rewards 총 보상 is management of everything a worker (원) receives from an employer. It includes determination of tangible 실체적인 것 rewards:
- salary 월급
- allowances 월간수당
- annual or short-term incentives 판매 or 기업 인센티브
- long-term incentives 장기 인센티브
- health and life insurance 건강 and 생명 보험
- retirement income / pension 연금
- time off: paid leave 유급 휴가 paid vacation 유급휴가 unpaid leave or 무급 휴가
- All other tangible payments or benefits
Total rewards also includes other intangible rewards 무형의 상 that can strongly attract or retain workers:
- a good boss 좋은 상
- a good job to do 좋은 직책
- a good company to work for, reputation 좋은 회사
- respect, trust 존경, 신
- good culture and working environment 좋은 문화
- work-life flexibility (work load, when to work, where to work) 일과 삶의 유연성
- family support (maternity, child care, elder care, no expectations after work hours) 가족 지원
- recognition, formal (awards, committees) or informal (thank you, applause) 감사와 인정
- career growth and development (including fair promotion process) 경력 기회
Development opportunity is a reward!
Development enhances performance. Of course. But it also helps retain talent!
Total rewards includes all the above items. Together, total rewards determines your ability to attract and retain talent or 인재 유치 및 유지. If you provide generous tangible rewards, you may attract, but not retain talent. If you have a great work environment but pay low, you may not attract the best. If fact you may attract lower-talent people and then many of them will never leave!
We offer to Korean employers the full range of total rewards services:
- total rewards philosophy
- job architecture
- job analysis, documentation and evaluation, including
- market benchmarking
- salary range structures and structure fit analysis
- annual salary planning and merit review process and outsourcing
- corporate incentive/bonus review/design
- sales compensation review/design
- profit-sharing and gainsharing
- manager training in making pay decisions
- in-house HR training in rewards
- global mobility policy update
We recognize Korea is different. Hierarchy matters, respect for local practices matters, indirectness and building trust matters.
Join our first public event June 27!
저희가 어떻게 도와드릴까요?
Contact Tom Farmer (10 7304 2844) or Mr. Frank Lee (이성웅 10 4931 5247) with questions or to arrange a call or a coffee.