What are the major elements of a total compensation package?

Total compensation package

Answer the following two questions using the question and answer (Q&A) format; in other words, include the original question along with your response.

Within your post, support your responses with information from at least one peer-reviewed/scholarly source (not older than 3-5 years) from CSU-Global online library or the Internet, and provide the full citation at the end. Use APA guidelines to format your references.

What are the major elements of a total compensation package?
Why and how do the elements of the total compensation packages need to change over time in order for the organization to remain competitive in the marketplace?