The concept of total rewards and related concepts such as rewards and recognition, performance-based rewards have always been gaining prominence in webinars, podcasts, corporate surveys and scholarly discussions. However, the use of these concepts has led to heterogenous and proliferating interpretations viz. social rewards, psychological rewards, and spiritual rewards. The article refers to literature on total rewards used in organizational settings to develop terminology and typology of total rewards which would leave little room for overlapping of other related concepts, thereby leaving no room for confusion. The terminology aims to offer precise definition of the concept and relationships between related concepts. The typology aims to offer parsimonious classification of categories of rewards in terms of need satisfaction, in turn expanding knowledge about total rewards. Taking terminology and typology together would help in understanding total rewards, uncover total rewards as a reconceptualization of previous conceptualizations of compensation and benefits, and provide a conceptual base for future work on total rewards.