5RMT Reward Management

5RMT Reward Management

Learners who take the reward management course will be able to learn about the reward strategies used by businesses to support reward strategies. Through this unit, learners will gain a theoretical understanding of the approaches used by professionals to improve the management of reward practices in businesses. This unit is intended to develop methods for ensuring that the wages given to employees are fair, equitable, and reasonable. In pursuing this unit, learners get to understand the workers’ values and, therefore, identify the strategies that have to be considered in creating value for those working in the organisation. For example, recruiting and retaining talented employees is a crucial factor in a company’s success.

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Rewards management is designed to assist HR professionals with managing the pay and compensation of employees. The need for professionals to manage rewards comes from the changes in labour market regulations and the increase in work flexibility, which has led to a change in how employees are paid based on their skills, contribution to the organisation, experience and commitment. Therefore, those taking the course should be keen on doing their best to ensure that their decisions and judgements support the fair remuneration of employees.

Equal and transparency pay management

Learners who pursue this unit should understand that equal pay is a crucial component of promoting equality among all employees. Learners can use different methods to promote equal pay for employees. Pay structures are used to determine how pay is graded within an organisation. Additionally, the pay structure is used to determine the pay increases based on employees’ performance, skills, and competencies. It’s the learners’ responsibility to understand the complexities of the situations influencing or impacting the decisions made on pay and rewards.

Additionally, transparency is considered to be a critical component of managing rewards in an organisation. Employers are responsible for promoting pay transparency, an aspect that promotes employee value and supports the business and its people. As such, the unit provides insight on the issues that should be considered when promoting equal pay for employees. Therefore, the knowledge gained from the unit is critical in determining how well the information influences the decision-making process among professionals towards making pay and rewards equal and transparent.

Why do people ask for a pay rise?

Different employees ask for pay raises for different reasons, and these are issues that learners should understand and reason with so they can learn what the expectations of employees are. The unit provides information on these reasons, and more importantly, on the factors that influence them, such as the age and generation of the employees, and their place of work, whether they work for a private or a public company. Nevertheless, some employees have difficulty explaining why they need pay rises. If they are not provided with pay rises, they claim that they are comfortable or that their salary is adequate. Because of this, the unit will ensure learners understand the proper way to treat employees and help teach them the basis for salary increases and pay increases.

Role of line managers in managing pay

The line managers have a significant role to play in managing pay in the organisation. It means that they have the authority to propose salary increases to employees. Despite this, HR professionals should be aware that the line managers are only contributors, but they rarely approve salary increases. Therefore, the learners must be keen to ensure that they receive information from the line managers and use the information to make the right decisions regarding pay increases. Additionally, line managers ensure that their subordinates are informed about payment policies. In most cases, employees get information about pay and rewards from their immediate managers, so the management should also be involved since they are the ones who work closely with the employees. Specifically, the unit explains the concept of pay risk, which must be effectively managed to ensure the problems associated with pay decision making are appropriately addressed to support organisational change and improvement.

Learning objectives

After completing the course, students should;

  • Understand the relationship between the environment and reward systems that contribute to the good management of an organisation
  • Understand the theoretical debates involved in promoting rewards management in the workplace
  • Compare the traditional, contingent, and knowledge choices of rewards
  • Develop pay structures that are acceptable in the labour market and which contribute significantly to equitable pay for employees
  • Understand how to analyse executive compensation on the global labour market, paying attention to employees working on the international market  as expatriates.
  • Identify the main issues in rewards management, and make sure that the right approaches are taken in managing pay and rewards.

This unit is suitable for;

  • Students who are studying HR and are seeking knowledge and expertise in the field.
  • HR professionals taking on responsibility for employees’ HR decisions at all levels of the organisation
  • Individuals involved in HR functions in the organisation who have no specialised knowledge
  • Individuals who act independently as HR consultants in support of an organisation’s goals and objectives
  • HR professionals who would like to advance their careers and who have ambitions to gain other CIPD qualifications

Wrap Up

The CIPD Level 5 course on reward management requires students to complete an assessment of 4000 words. Describe the reward environment at an organisation they know or work at. Assessment topics include fair and transparent pay, pay progression, and line managers’ role in managing rewards.

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