5HR03 Reward for performance and contribution
This unit discusses how internal and external business factors influence employee incentive policies and strategies and the impact of reward expenses on companies and financial drivers. This unit also informs people practice professionals and managers on the need to make sound judgments based on corporate reward systems and the results of adopting employee rewards based on their performance. Finally, it demonstrates a link between rewarding employees and how they perform in the job.
What you will learn
As a student in this class, you will study how to examine reward principles and the value of reward systems to company culture and employee performance management. In addition, you will learn how to put the rules and practices into action. Learners will be able to determine how the performance of both people and the organisation influences the methods utilised to deliver rewards in this lesson. As a result, the student better understands the variety of incentives that firms provide to their personnel. You’ll also better understand the numerous practical ways for gathering and measuring data and how to obtain insight through benchmarking efficiently. You’ll also learn how to construct organisational reward packages and outline the laws and regulations that govern the reward system. Finally, learners will be able to identify the roles that organisational people practices play in promoting managers’ ability to make effective decisions based on employee rewards and how they might be matched with established organisational techniques.
This unit is suitable for persons who
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Learning outcomes
There are three main learning objectives in this subject. First, learners will apply their knowledge to numerous jobs within their careers under each learning outcome. The learners will be able to do the following as a result of these learning outcomes:
| 1. Understand the impact of reward systems and compensation packages on an organisation. | By analysing reward concepts and their roles in improving an organisation’s performance management and culture, learners will be able to establish the most profitable incentive systems for firms effectively. The students will also learn how to implement consistent, equal, and fair incentive systems and procedures in their workplaces. Because the level of performance determines an organisational incentive method, the learner will be able to investigate the link between reward systems and firm success under this learning result. Learners will also be able to compare and contrast the various employee benefits supplied by firms and their relative merits within a company. Finally, students will develop a better grasp of extrinsic and intrinsic reward systems in enhancing employees’ contributions to improving an organisation’s long-term performance. |
| 2. Be able to benchmark other firms to understand superior compensation schemes better. | This course allows learners to understand reward settings based on business context as the second learning result. These include industry trends, organisational structures, economic forecasts, and levels of business activity. Learners can also decide the most efficient ways to collect and measure benchmarking data for the benefit of the enterprise. As a result, learners will have an easier time using the data to design organisational reward packages. Finally, students will be able to determine the legislative policies that govern organisations’ reward systems. |
| 3. Practice defining people’s tasks to improve managers’ ability to make accurate judgments based on compensation systems. | Learners will be able to examine the many approaches businesses use to manage their employees’ performance. These include, among other things, the utilisation of performance review sessions, staff competence development through CPD, coaching and mentoring, and so on. The students will also explain the importance of people practice in ensuring that organisational managers make profitable and suitable decisions when it comes to employee compensation. Finally, the students will be able to identify different incentive approaches used by firms and explain how managers combine these approaches with their judgments to construct reward systems. |
What are the requirements for admission?
This unit has no set admission criteria because anyone from all walks of life can pursue it. Institutions that offer these courses, on the other hand, have determined their admittance requirements based on their educational qualifications. These prerequisites are as follows:
- The candidate should have a bachelor’s degree or related professional experience in HR or L&D.
- The candidate must hold a CIPD level 3 certification.
- The candidate should aspire to be an HR adviser or partner.
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Reference
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Perkins, S.J. and Jones, S.E. (2020) Reward management: alternatives, consequences and contexts. 4th ed. London: CIPD Kogan Page.
Rose, M. (2018) Reward management: a practical introduction. 2nd ed. London: CIPD Kogan Page.
Taylor, S. and Woodhams, C. (eds) (2016) Studying human resource management. 2nd ed. London: CIPD Kogan Page.
Taylor, S. and Woodhams, C. (eds) (2016) Human resource management: people and organisations. 2nd ed. London: CIPD Kogan Page.
Ogbonnaya, C., Daniels, K. and Nielsen, K. (2017) Does contingent pay encourage positive employee attitudes and intensify work? Human Resource Management Journal. Vol 27, No 1, January. pp94-112.
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