A NARRATIVE LITERATURE REVIEW ON TOTAL REWARDS STRATEGIES WORLDWIDE DURING THE COVID-19 PANDEMIC AND ITS IMPACT ON EMPLOYEE EXPERIENCE FROM THE FRAMEWORK OF MOTIVATION THEORY

Abstract

The COVID-19 pandemic has had unprecedented effects on workplaces, including Total Rewards (TR) programs. Although scholars have extensively researched the impact of TR on employee motivation, engagement, productivity, recruitment, and retention, new perspectives have emerged on TR during the pandemic, which have yet to be extensively discussed in future research. This study uses a narrative literature review methodology to examine current research on total rewards strategies worldwide during the pandemic. In addition, it examines the impact of the pandemic on TR and employee experience. The studied peer-reviewed articles discuss data from various surveys conducted worldwide from 2020 to 2023. This narrative literature review discusses the importance of strategically designed total rewards in organizations within the context of the COVID-19 pandemic, encompassing compensation, benefits, work-life balance, recognition, and career development. Total rewards play a critical role in attracting, retaining, and motivating employees, managing and rewarding talent, and shaping the overall employee experience. The review uses motivation theory to understand how total rewards strategies can affect employee experiences, specifically during and after the COVID-19 era. Understanding motivation theory can help organizations design flexible total rewards strategies that cater to changing needs, positively impacting employee engagement and retention. Finally, this narrative review offers recommendations for implementing TR practices in the post-pandemic world and presents suggestions for future research. The review would help researchers and practitioners understand the impact of the pandemic on employee compensation, benefits, recognition, and other rewards and how organizations have adapted their total rewards strategies to cope with the crisis. The findings of this study will contribute to a better understanding of the role of total rewards strategies in managing the impacts of crises on organizations and their employees, providing valuable insights and recommendations for organizations as they plan for the future of work post the pandemic.