7HR03 Assignment Example
Question: Examine the key factors influencing the design of reward strategy and policy frameworks.
Topic: Designing Reward Strategy and Policy Frameworks.
Learners should explore the key concepts that influence the creation of gift ideas and policy processes. When considering reward strategies and policies, it’s important to identify your benefits to ensure they align with your organisation’s culture, values and goals and are competitive, cost-effective and easy to manage. Key factors to consider include economic indicators, legal requirements such as minimum wage laws, social conditions such as work-life balance, politics, technology and the environment.
Examples:
Learners can use example such as: during a recession it is important to review reward strategy to control costs and retain talent. They can give real life example such as: During the COVID-19 pandemic, many organisations adapted their gifting strategies to accommodate remote work, provide additional medical benefits, and provide incentives to employees. Correlation with other variables shows that the importance of reward strategies varies.
References:
Learners must include reliable sources of references such as:
Cotton, C. (2023) Reward: an introduction. Available from https://www.cipd.org/en/knowledge/factsheets/reward-factsheet/
Question: Discuss the importance of aligning the reward framework to the wider organisational context and strategy.
Topic: Aligning Rewards with Organizational Context and Strategy
Integrating the reward framework with the wider organisation is critical to success. Learners should discuss how people professionals aligns with the organisation’s strategy and enable horizontal integration with HR practices such as recruiting, training and performance management. They should discuss how factors such as organisation size, culture, and employee characteristics should influence the design.
Example:
For example, learners can discuss how an organisation that focuses on innovation can be enriched by creativity and innovation. They can give examples on how reward framework can based on innovative ideas.
References:
Learners must cite reliable sources such as:
Cotton, C. (2023) Strategic reward and total reward. Available from https://www.cipd.org/en/knowledge/factsheets/strategic-total-factsheet/
Question: Critically justify the value of reward benchmarking exercises and the main methodologies organisations use to gather data.
Topic: Value of Reward Benchmarking Exercises
Learners should give a report on the value of reward benchmarking and the initial organisations used to collect data. Business Excellence is the key to staying competitive. Learners should analyse comparisons, evaluate alternatives, and discuss the pros and cons of the comparison. Salary in organisations can also play a role in competitive situations. They should discuss how benchmark data gives people professionals insight into how their offerings stack up against the market.
Example:
Learners can give such examples as: organisations continue to collect benchmarking data to ensure they offer competitive salaries and benefits.
References:
Learners should reference such sources as:
Chiang, F. F., & Birtch, T. A. (2020). Reward Management. CONTEMPORARY HUMAN RESOURCE, 148.
Question: Critically evaluate the impact of organisational reward strategies to attract, motivate and retain talent.
Topic: Impact of Organizational Reward Strategies on Talent
Learners should discuss how to measure the impact an organisation’s effectiveness has on attracting, motivating and retaining talent. They should assess the productivity by considering factors such as individual or role pay, hierarchy, reward mix and non-financial rewards. Compensation, employee voice and recognition of the diversity of the workforce are important.
Example:
Learners can give example such as: an organisation that prioritize work-life balance can motivate employees by offering flexible working hours. Organisations attracts talent by offering higher salaries than industry standards, while also keeping talent simple by emphasizing freedom despite culture.
References:
Among the reliable sources of evidence that learners can use are:
Nocker, M., & Sena, V. (2019). Big data and human resources management: The rise of talent analytics. Social Sciences, 8(10), 273.
Question: Critically evaluate the significance of a total rewards approach, including monetary and non-monetary incentives.
Topic: Significance of Total Rewards Approach
Learners should evaluate the importance of all rewards, including financial and non-financial incentives. They should discuss the concept of all rewards, which include monetary (monetary) and non-monetary (non-monetary) rewards. They should also discuss factors such as starting salary, variable pay, benefits and non-financial incentives.
Example:
Learners can give such example as employee recognition and a positive work environment can improve the overall reward package. Organisations emphasises non-financial rewards, such as creating a fun workplace culture and encouraging and motivating people to work
References:
Learners must include sources of evidence in their work. These may include:
Beck-Krala, E. (2020). Total rewards. Encyclopedia of Sustainable Management, 1-9.
Question: Analyse the role of base pay in attracting and motivating employees
Topic: Role of Base Pay in Employee Attraction and Motivation
Learners should analyse the role of base salary in attracting and motivating employees.
They should discuss the importance of salary in different environments and businesses. The basic salary affects pension rights and other benefits. To evaluate whether pay is motivating, people professionals considers motivation theory.
Example:
Learners may give example on research shows that higher wages can be an important motivator for low-income workers. They can give real life example such as: Walmart increased employee benefits to attract and retain employees, and this is seen as an incentive.
References:
Learners can refer to the books, factsheets, blog and journals from reliable sources. These may include:
Cotton, C. (2023) Pay structures and pay progression. Available from https://www.cipd.org/en/knowledge/factsheets/pay-structures-factsheet/
Question: Analyse a range of contingent pay schemes, including the advantages and disadvantages for organisations.
Topic: Contingent Pay Schemes for Organizations
Learners must discuss the immediate aspects of compensation, including advantages and disadvantages of the organisation. They must explore different types of recurring payments, such as performance-based payments, performance-based payments, and participation-based payments. They should also assess strengths, such as employee cooperation with the organisation’s goals, and weaknesses, such as conflict between employees. The reasons for using additional incentives should be taken into account.
Examples:
Learners may use an example of a sales teams and how it often benefits from compensation because compensation is directly tied to performance and encourages sales success. The results are higher.
References:
Learners are required to reference their work from reliable sources such as:
Cotton, C. (2022) Performance-related pay. Available from https://www.cipd.org/en/knowledge/factsheets/pay-performance-factsheet/
Question: Evaluate different types of employee benefits and their suitability in different organisational contexts.
Topic: Types of Employee Benefits in Different Contexts
Learners are required to discuss various aspects of employee benefits and their eligibility across various organisations. They should discuss a variety of benefits, including financial and non-financial options. Consider whether global values or options are compatible with the organisation’s culture and values.
Example:
Learners can give example on how flexible benefits or restaurant perks can provide better benefits to employees. They can also give example on how organisations offer special benefits such as free meals, gym memberships and healthcare services in a location that suits their innovation and employee-focused culture.
References:
Learners must include reliable sources to support their work such as:
Cotton, C. (2023) Employee benefits: an introduction. Available from https://www.cipd.org/en/knowledge/factsheets/benefits-factsheet/
Question: Discuss the significance of nonfinancial rewards as part of a total rewards approach.
Topic: Importance of Non-Financial Rewards in Total Rewards
Learners should discuss the importance of non-monetary gifts as part of the overall gift-giving process. They should analyse the difference between intrinsic and extrinsic motivation. They should also consider how non-monetary rewards such as praise, a positive work environment, and flexibility can keep employees motivated and engaged. It is important that these rewards are aligned with an organisation’s values and mission.
Example:
Learners should give example on how organisations use non-financial incentives like environmental initiatives and paid time off for volunteer work to attract employees willing to participate.
References:
Learners must include reliable sources to support their work such as:
CIPD, (2022) Employee recognition and non-financial rewards. Available from https://www.cipd.org/globalassets/media/knowledge/knowledge-hub/evidence-reviews/non-financial-recognition-scientific-summary_tcm18-105469.pdf
Question: Evaluate pay structures and their suitability in different organisational contexts.
Topic: Evaluation of Pay Structures in Organisations
Learners should discuss various payment models such as commission payments, pay stubs, bonus points, comparisons and commissions. They should discuss the reasons for using certain models depending on an organisation’s size, culture, and business.
Example:
They can give examples such as public organisations often use pay scales that provide a range of salary increases based on factors such as experience and job rank.
References:
Learners must include reliable sources to support their work such as:
Cotton, C. (2O23) Pay structures and pay progression. Available from https://www.cipd.org/en/knowledge/factsheets/pay-structures-factsheet/
Question: Analyse the advantages and disadvantages to organisations of using incremental pay scales.
Topic: Advantages and Disadvantages of Incremental Pay Scales
Learners should discuss the advantages and disadvantages of organisations using incremental payments. They should examine how pay scales are developed and identifies the pros and cons of using length of service as the basis for advancement. Consider things like the difference in wages and the impact of layoffs or raises.
Example:
They can give examples such how organisations use overtime to provide employees with fair and predictable wages.
References:
Learners must include reliable sources to support their work such as:
Shields, J., Rooney, J., Brown, M., & Kaine, S. (2020). Managing Employee Performance and Reward: Systems, Practices and Prospects. Cambridge University Press.
Question: Assess the benefits and challenges of using performance appraisal to guide pay progression decisions.
Topic: Benefits and Challenges of Performance Appraisal in Pay Progression
Learners should examine the purpose and process of performance appraisal, including the roles of line managers and evaluators. They should discuss issues such as the role of bias and evaluations in determining performance and pay increases. It is important to set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals.
Examples:
They can give examples to show how organisations use performance evaluations to evaluate employees’ contributions and allocate pay based on performance.
References:
Learners must include reliable sources to support their work such as:
Rafferty, A. (2021). PERFORMANCE APPRAISAL. Contemporary Human Resource Management: Text and Cases, 176.
Question: Examine the role of remuneration committees in determining and managing executive reward packages.
Topic: Role of Remuneration Committees in Executive Rewards
Learners should discuss the fairness issues related to executive compensation and the compensation committee’s role in ensuring fair compensation. They can discuss how executive compensation is used to ensure effective management in rewarding CEOs and executives. Explore issues related to transparency and disclosure.
Example:
They can give examples such as an organisation having a compensation teams that determine executive pay and clearly communicate these decisions.
References:
Learners must include reliable sources to support their work such as:
Jackson, C. (2023). The Professional Standards of Executive Remuneration Consultants. Taylor & Francis.
Question: Examine a range of factors that impact international remuneration decisions.
Topic: Factors Impacting International Remuneration Decisions
Learners should analyse a range of the factors affecting financial decisions around the world.
When deciding to make international payments, people professionals takes into account factors such as tax consequences, laws, cultural issues regarding payments and costs. Also resolve issues related to domestic and foreign recruitment, relocation or travel.
Examples:
Learners can give examples to show how companies often face difficult decisions when deciding to pay foreign workers, including many factors such as local laws, cost of living, and culture.
References:
Learners must include reliable sources to support their work such as:
Armstrong, M., & Taylor, S. (2023). Armstrong’s Handbook of Human Resource Management Practice: A Guide to the Theory and Practice of People Management. Kogan Page Publishers.
Question: Critically discuss the key legal requirements relating to pay and reward and the implications of noncompliance.
Topic: Legal Requirements and Implications in Pay and Reward
Learners should explain the importance of the law regarding compensation and rewards and the consequences of not complying with them. They should explore laws such as equal pay for equal work, the national minimum wage (NMW) and the consequences of not complying with them. Understand the concepts of “equal work,” equal employment, and equal pay for work of equal value. Balance sheet audits, reporting, investigation of damages and corrections.
Example:
They can give real life examples or case studies such as: Major lawsuits against companies like Microsoft have undermined the legality of gender pay gaps.
References:
Learners must include reliable sources to support their work such as:
Perkins, S. J., & Jones, S. (2020). Reward management: Alternatives, consequences and contexts. Kogan Page Publishers.
Question: Critically evaluate the role job evaluation plays in formulating reward decisions.
Topic: Role of Job Evaluation in Reward Decisions
Learners should disciss the role job evaluations play in making reward decisions and evaluate data analysis and non-performance analysis of performance analysis, including comparative analysis, performance rankings, comparison of results, ratings, and products of job reviews. Consider management objectives and the composition of the audit team.
Example:
They can give such examples as: Universities often use performance measures, including qualifications, experience and production research, to determine faculty salary.
References:
Learners must include reliable sources to support their work such as:
Cotton, C. (2023) Job evaluation and market pricing. Available from https://www.cipd.org/en/knowledge/factsheets/market-pricing-factsheet/
Question: Examine the potential ethical issues arising from the use of contingent forms of reward.
Topic: Ethical Issues in Contingent Forms of Reward
Learners should identify the importance of open standards, objective performance measurements, and potential conflicts regarding competitive rewards and pay confidentiality. Fairness issue affecting employee voice in decision-making should be explored.
Example:
They can give examples such as: Performance-based bonuses can lead to ethical issues if the payoff model is unclear or unclear.
References:
Learners must include reliable sources to support their work such as:
Shields, J., Rooney, J., Brown, M., & Kaine, S. (2020). Managing Employee Performance and Reward: Systems, Practices and Prospects. Cambridge University Press.
Question: Explain the merits and impact of transparency and fairness in approaches to reward.
Topic: Merits and Impact of Transparency and Fairness in Reward Approaches
Learners should discuss the connection between transparency, fairness and trust in the workplace.Consider the positive impact on employee health, including the psychological contractTransparency helps create the image of the employer of choice and increases retention and employment.
Examples:
Learners should give examples that shows how implement transparent pay structures that they believe help create a company culture and equity for employees.
References:
Learners must include reliable sources to support their work such as:
CIPD, (2021) Reward management survey. Available from https://www.cipd.org/globalassets/media/knowledge/knowledge-hub/reports/2021-pdfs/reward-management-fairness_tcm18-91389.pdf
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