What encompasses the total benefits employees receive from their jobs besides financial compensation?

The concept that includes the total benefits employees receive from their jobs, aside from financial compensation, is nonfinancial compensation. This term refers to all the additional perks and benefits that contribute to an employee's overall job satisfaction and well-being. These can include things like health insurance, retirement plans, flexible working hours, professional development opportunities, recognition programs, and a supportive work environment.

Nonfinancial compensation plays a critical role in attracting and retaining employees, as it enhances their overall experience and engagement at work. Organizations increasingly recognize that to create a compelling workplace, they must offer more than just a salary; they must address the holistic needs of their employees, which include emotional, social, and psychological aspects of work.

Job satisfaction, while closely related, is more centered on the employee's feelings about their job rather than the benefits they receive. Market value refers to the worth of a job based on demand and supply in the labor market, not the comprehensive benefits package provided by an employer. Work culture pertains to the environment within the workplace and influences employee experience, but it isn't a specific set of benefits itself. Thus, nonfinancial compensation best captures the broad array of benefits that enhance the work experience beyond just monetary rewards.