➢ Identify and evaluate the reliability of five different sources of reward intelligence and provide examples of how these sources are used

Elements of Total Rewards

There are five elements of total rewards, each of which includes programs, practices, elements and dimensions that collectively define an organization’s strategy to attract, motivate and retain employees. These elements are:
1. Compensation
2. Benefits
3. Work-Life
4. Performances and Recognition
5. Development and Career Opportunities

The elements represent the “tool kit” from which an organization chooses to offer and align a value proposition that creates value for both the organization and the employee. An effective total rewards strategy results in satisfied, engaged and productive employees, who in turn create desired business performance and results.

There are many sources of reward management data that HR practitioners can take advantage of like surveys, pay clubs, consultants, recruitment agencies, job advertisements, market intelligence, and sector analyses.

In addition to there are example of sources like Incomes Data Service (IDS), xpert HR, Labour Research Department (LRD) and Annual Survey of Hours and Earnings (ASHE).

The CIPD, for instance, produces an annual reward management survey, which examines issues such as pay positioning, pensions and benefits and performance-related bonuses. Alongside reports produced by professional institutions such as the CIPD there are also various industry benchmarking reports and surveys, including those produced by the local government group for the public sector and private sector organisations such as (www.croner.co.uk) and Incomes Data Services (www.incomesdata.co.uk). Together with the data sources listed above, national statistics also have relevance within reward management. Before making pay decisions HR professionals