5HR03 Reward for performance and contribution 

5HR03 Reward for performance and contribution

About this unit

This unit talks about how internal and external business factors affect the policies and strategies for employee rewards, how reward costs affect organizations and organizational financial drivers. This unit also educates professionals and managers in the people practice about their importance in making solid decisions based on corporate reward systems and the outcomes of implementing employee rewards based on their performance. It shows that there is a connection between rewarding employees and how they perform within a workplace setting.

What you will learn

As a student in this unit, you will learn how to assess reward principles and the importance of reward systems to organizational culture and management of employee performance. In addition, you will also study how to implement the relevant policies and practices. Under this unit, learners can determine how the performance of both the people and the organization affects the approaches used to offer rewards. As a result, the student also understands the types of rewards that employees are offered in organizations. Also, you will gain a deeper understanding of the various practical methods used to gather and measure data and how to obtain insight through benchmarking effectively. You will also learn how to create reward packages for organizations and define the laws and regulations that influence the organizational reward system. Lastly, this unit also enables learners to determine the responsibilities that organizational people practice have in promoting managers’ ability to make effective decisions based on employee rewards and how they can be aligned to the set organizational approaches.

This unit is suitable for persons who

This unit is ideal for the following groups of individuals:

• Those who have experience working in HR and learning and development and want to enhance their professional level.
• Those who do not have any relevant work experience but have attained a relevant university degree.
• Those working in the field of HR and/or learning and development want to develop more understanding of the field to increase their value in the organization.
• Those aspiring to learn about the models and practices used in HR to employ the use of strategic thinking in enhancing the development of the organization.
• Those are seeking to enhance their careers in HR to work under managerial or advisory roles.

Learning outcomes

This unit has three primary learning outcomes. Under each learning outcome, learners will apply their knowledge in performing various roles within their profession. These learning outcomes will enable the learners to:

1. Be able to understand the effects of reward systems and packages on an organization.

This first learning outcome will enable learners to effectively determine the most profitable reward systems for organizations by analyzing the reward principles and their roles in enhancing an organization’s performance management and culture. Also, the learners will be able to gain insight on how to enforce consistent, equitable, and fair reward policies and practices in organizations. Under this learning outcome, the learner will be able to study the connection between reward systems and the firm’s performance because the level of performance determines an organizational reward approach. Also, the learners will be able to learn about the various employee benefits offered by organizations and their comparisons and merits within an organization.  Lastly, students will also be able to gain a deeper understanding of the importance of extrinsic and intrinsic reward systems to enhance employees’ contribution towards increasing the sustainable performance of an organization.

2. Be able to gain more understanding of better reward systems by benchmarking other organizations.

In the second learning outcome, this unit offers learners the ability to analyze reward environments based on business context. These include industry trends, organizational, economic outlook, and business activity levels. In addition, learners can determine the most effective methods to gather and measure benchmarking data to benefit the organization. As a result, it would make it easier for the learners to use the data to develop organizational reward packages. Lastly, learners will be able to determine the legislative policies that control the reward systems of organizations.

3. Be able to define the responsibilities of people practice in enhancing managers’ abilities to make reliable decisions based on reward systems.

Here, learners will be able to analyze the various methods used by firms to manage the performance of their employees. These include the use of performance review meetings, capability development of employees through CPD, as well as coaching and mentoring, among many others. Also, the learners will be able to point out the role of people practice in ensuring that organizational managers make profitable and appropriate decisions in terms of rewarding employees.  Lastly, the learners will also be able to determine that organizations have different reward approaches and explain how managers integrate these approaches with their judgments to develop reward systems.

What are the entry requirements?

The entry requirements for this unit are not specific because individuals with different backgrounds can pursue it. However, institutions offering these courses have set their entry criteria based on their educational requirements. These requirements include:

• The individual should have a university degree or relevant experience working under HR or L&D.
• The individual should have a level 3 CIPD certification.
• The individual should be looking to work as an HR advisor or partner.

How we can help

We have a panel of experienced academic tutors who are available to offer their help throughout. We are at the service of our clients for online homework and assignment help, working round the clock to ensure that they get a more profound and comprehensive understanding of the unit and improve their grades. Our team of experts also integrates information from a wide range of trusted resources to ensure that the assignment help yields good grades. Our clients are only required to send us the work and the instructions and the set deadline. Our team of academic experts will ensure that the work is done based on the provided instructions. Our work is well detailed and comprehensive to ensure our clients are satisfied. Also, we work on various topics in the unit, which are grammatically sound and plagiarism-free.

Resources

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.