5HR03 Reward for performance and contribution

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.

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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

Individuals who would benefit from this unit include:

 

  • Those with previous HR and learning and development expertise wish to advance their careers.
  • Those without relevant job experience but who have earned a relevant university degree.
  • Those in HR and/or learning and development who want to improve their value in the organisation want to better understand the sector.
  • Those interested in learning about HR models and practices and how to apply strategic thinking to improve the organisation’s development.
  • Those who want to advance their HR careers by taking on managerial or consulting responsibilities.

 

 

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

Armstrong, M. and Brown, D. (2017) Job evaluation versus market pricing: competing or combining methods of pay determination? Compensation and Benefits Review. Vol 49, No 3, June. pp153-160.

Armstrong, M. and Brown, D. (2019) Armstrong’s handbook of reward management practice: improving performance through reward. 6th ed. London: Kogan Page.

Armstrong, M. and Cummins, A. (2011) The reward management toolkit: a step-bystep guide to designing and delivering pay and benefits. London: Kogan Page.

Brink, S. and Myhr, M.E. (2014) Assessing competitive pay for executives in a global labor market. Benefits and Compensation International. Vol 44, No 1, July/August. pp15-18.

Brown, D. (2014) The future of reward management: from total reward strategies to smart rewards. Compensation and Benefits Review. Vol 46, No 3, May/June. pp147-151.

Calnan, M.M. (2015) Uncovering total reward. Employee Benefits. June. pp42- 43.

Farrand, L. (2016) Put the scores up on the board: a total reward strategy will enable employees to see the full value of their package. Employee Benefits. May. pp18-19.

Giancola, F. (2014) What the research says about the effects of open pay policies on employees’ pay satisfaction and job performance. Compensation and Benefits Review. Vol 46, No 3, May/June. pp161- 168.

Godar, P. and Frey, R. (2014) 4 ways to transform your rewards strategy. Workspan. Vol 57, No 7, July. pp44-47.

Johnson, P., McMullen, T. and Royal, M. (2015) Job evaluation: relevant, robust and reimagined. Workspan. Vol 58, No 9, September. pp26-30, 32.

Jones, M., Makepeace, G. and Wass, V. (2018) The UK gender pay gap 1997– 2015: what Is the role of the public sector? Industrial Relations. Vol. 57 No 2, April. pp296-319. Available at: https://onlinelibrary.wiley.com/doi/10.1111/i rel.12208

Kropp, B. and Dunn, M. (2014) Total rewards: integration in six steps. Workspan. Vol 57, No 9, September. pp54-58.

Kuczmarski, S. and Kuczmarski, T. (2019) How rewards fuel or fail innovation. Strategic HR Review. Vol 18, No 1. pp8- 12.

Landry, A.T., Forest, J. and Zigarmi, D. (2017) The carrot or the stick? investigating the functional meaning of cash rewards and their motivational power according to self-determination theory. Compensation and Benefits Review. Vol 49, No 1, January. pp9-25.

Lardner, S. (2015) Effective reward encourages effective engagement. Strategic HR Review. Vol 14, No 4. pp131- 134.

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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