The Reliability of Five Different Sources of Reward Intelligence

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➢ 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…show more content…
General economic conditions–the inflation rate, changes in the cost of living, etc. Increases in the cost of living should be a major consideration when deciding on a budget for pay raises. The primary tool for measuring the cost of living is the Consumer Price Index (CPI),This survey helps ABC Bank with required valuable information that can be used to shape reward strategy to attract talent. For instance, the survey highlights why people do not prefer to work in private sectors. (Anon,2015) The website also provides data of the career development initiatives, unemployment rate and vacancy lists and gives an insight into the labour market. In order to conduct the market rate analysis. ABC Bank partnered with global consulting firm to analyze data related to the salaries and reward packages offered by other banks in the M.E.A region. The aim was to: • acquire accurate data that correctly details base pay, bonuses and benefits, as was analysed above • compare like with like – in other words, compare rewards attached to jobs of similar size and importance • interpret the information with an eye on the organisation’s current needs and circumstances • Collate and present the information and come up with effective reward program. Employee expectations are also critical influencing the reward structure. Meeting employee’s expectations is important to generate a motivated work force. The employee’s need and
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