Critically evaluate the significance of a total rewards approach, including monetary and non-monetary incentives: Strategic Reward Management CIPD Level 7 Assignment, UOE, UK

Assignment Question 2. Critically evaluate the significance of a total rewards approach, including monetary and non-monetary incentives (1000 words). 

• Define and explain total rewards. Apply this to your own organization’s reward strategy.
• What does the literature tell us about the value of total rewards in a reward strategy? Is it still relevant today? Evaluate the concept of total rewards.
• Discuss select components of total reward as per indicative content. Select relevant rewards to your organisation and evaluate their significance and value to the organization e.g. values, business plan, and objectives. Use a relevant diagram. 
• Discuss in relation to employee engagement, culture, value to different types of employee and cost. Compare and contrast several theories on motivation and reward. Include more up to date theories such as Pink, Guest, AMO, Herzberg but NOT Maslow. Link to best practice/ bundles/High-Performance Working (if not already discussed elsewhere in terms of the value to the organisation and individuals) Pfeffer/ Guest/ Wood  Could discuss different types of workers value different reward components. Vroom expectancy theory or debate on the psychological contract of Millennials, Z vs Generation X and Y 
• If a specific PRP ie team, individual, or company performance is mentioned then there needs to be an evaluation of that type of bonus • Include constraints of equity and fairness.
• What internal data or statistics are there to evidence the effectiveness of your total reward package.
• What recommendations would you make for change to improve the value to the organisation and individual.