The document discusses total rewards, which refers to the seven elements that comprise an employee's total compensation and benefits package, including compensation, benefits, engagement, performance management, work-life balance, professional development, and meaningful work. It aims to define total rewards, relate it to Maslow's hierarchy of needs, discuss its advantages over conventional compensation packages, and examine how organizations can adapt total rewards to meet the changing needs of a multigenerational workforce. The presentation also explores external factors like benefits choice and generational preferences that impact the modern employee experience.