Reward for performance and contribution

Key word – Evaluate

to judge or determine the significance, worth, or quality of something

Indicative content:

Principles of reward: the total reward approach, intrinsic and extrinsic rewards; fairness, consistency and transparency, promoting a culture of trust, balancing internal fairness with external market rates; integrating reward with business objectives; implementing reward policies and practices; role of reward in good work; related legislation and its application. Importance to organisational culture and performance management: reward strategies that support the organisational culture and values; recognising and rewarding performance; stimulating performance by rewarding for value created; engaging employees to drive performance.

State the importance of each to;

– organisational culture

and

– performance management.

Key word – Explain

make something clear or easy to understand, by describing or giving information about it

Indicative content:

Policy initiatives and practices: definitions of fair, equitable and consistent; felt-fair principle; challenges of providing external competitiveness vs internal equality; assimilation policies; protection policies; role of line managers. Implementation processes ranging from collaboration and involvement to requirement and imposition.

A tabular format may be used:

Key word – Explain

make something clear or easy to understand, by describing or giving information about it

Indicative content:

Definition and measurement of performance; effectiveness of performance; external pressures and competition; historical expectations; financial standing of departments and organisation; contribution to organisational objectives; legislation; fairness and equality; working hours; level of skills achievement.

Explain ways to measure and reward performance using two

headings:

1) People performance

2) Organisational performance

Explain 1 or 2 approaches under each that will have an impact on

reward strategies. Relate to your own organisation or one you

know well. Examples could be;

1)   Bonus’s, individual contribution to organisational objectives,

level of skills achieved.

2)     Profit related pay, historical expectations, external pressures and competition, legislation requirements; fairness/equality/

working hours.

types of benefits offered by organisations and

the merits of each.

Key word – Compare

looking for similarities and differences between things

Indicative content:

Types of benefits offered and merits of each: types of benefits such as performance-related pay; profit-sharing; gainsharing; share ownership; payment by results; bonus schemes; commission, pensions, healthcare, insurance cover, sick pay, enhanced redundancy pay, career counselling, company loans, season ticket loans, company cars, concierge services, fees to professional bodies, enhanced maternity, paternity and adoption leave and pay, childcare, sports and social facilities, etc; flexible benefits; impact of reward costs and ability of organisation to resource these costs; development of budgets and resource recommendations. Individual differences in what is important in their reward; merits of each type of benefit: general merits include increased employee engagement, motivation and commitment to the organisation, reduced churn, helps to attract employees to the organisation.

of extrinsic and intrinsic

rewards to improving

employee contribution and sustained organisational performance.

Key word – Assess

Judge the importance of.

Indicative content:

Measurement, equity, expectancy, teamworking, intrinsic orientation, senior management support, impact on motivation and results; linking behaviours and achievement measures directly to rewards.

Assess – provide a summary statement to judge their value and importance towards improving employee contribution and sustained organisational performance.

You are required to make a reasoned judgement.

Suggested format;

Key word – Assess

Judge the importance of.

Indicative content:

Context of the reward environment: levels of business activity and confidence; economic outlook; industrial trends and sector profiles including common reward packages – private, public and voluntary; equality legislation; regional differences in pay; occupational classification, labour force trends, pay reviews and pay trends; international comparisons, legal frameworks and cultural drivers. Internal and external factors: for example labour market, human capital, efficiency wage and agency; the psychological contract, expectancy and equity; collective bargaining and pay determination; development of pay determination, the increasing regulation of pay, competitiveness, external and internal equity.

Choose two internal and two external factors that have an impact on the reward environment in an organisation from your STEEPLE or SWOT analysis and elaborate on how they are affecting your organisation or one that you know well.

Key word – Evaluate

to judge or determine the significance, worth, or quality of something

Indicative content:

Sources of intelligence; evaluation, reliability and measurement of data; earnings, working hours, inflation, recruitment and vacancies; unemployment, pay settlements, bargaining and industrial disputes; reward and salary surveys, payroll data; government surveys, statistics and requirements.

You could use a tabular format:

Key word – Develop

elaborate, expand or progress an idea from a starting point building upon given information.

Indicative content:

Use of benchmarking data to develop appropriate reward package. Grade and pay structures; job evaluation schemes; systems and processes to manage job evaluation and levelling of jobs, boundaries and controls to maintain grade structure integrity and to avoid drift; market rates.

Evidence examples: a job evaluation, market pricing, controls to maintain grade structure integrity and to avoid drift; reward package you have contributed towards.

Insights: Use of benchmarking data to develop appropriate reward package, use of job evaluation schemes to manage job evaluation and levelling of jobs.

Key word – Explain

make something clear or easy to understand, by describing or giving information about it including not only what but why or how.

Indicative content:

Equal pay and reward, minimum pay, working hours, holiday and absence legislation, reporting requirements such as gender pay gap, CEO pay ratios, annual reports.

Examples could include;

Ø  Equal Pay Act

Ø  National Minimum Wage

Ø  National Living Wage

Ø  Working Time Directive

Ø  Statutory Leave Entitlements (Holiday/Absence)

Ø  Gender Pay Gap

Ø  CEO Pay Ratios

Ø  Annual Reports

Key word – Assess

Judge the importance of.

Indicative content:

Performance review meetings; developing capability through continuous professional development (CPD), models of facilitation, coaching and mentoring; objective-setting, appraisal process, 360-degree feedback, relationship between performance management and reward. Advantages and disadvantages of different approaches.

Assess the strengths and weaknesses for at least three different approaches to performance management such as;

Ø  Performance review meetings

Ø  Developing capability through continuous professional development (CPD)

Ø  Coaching and mentoring

Ø  Objective-setting

Ø  Appraisal process

Ø  360-degree feedback

A tabular format can be used along with a conclusion to show your reasoned judgement on the different approaches you have assessed.

Key word – Review

Survey information, methods, outcomes, conclusions, after the event, deciding what was effective or not

Indicative content:

People professional’s role in supporting line managers in reward decisions and in maintaining equity, fairness, consistency and transparency; compliance with legislation; supporting line manager’s ownership of intrinsic and extrinsic rewards; training, job evaluation, promoting responsibility, opportunities to participate and other intrinsic and recognition rewards; providing reward insight data.

Three ways from the selection below:

Ø  Maintaining equity

Ø  Fairness, consistency and transparency

Ø  Compliance with legislation

Ø  Supporting line manager’s ownership of intrinsic and extrinsic rewards

Ø  Training

Ø  Job evaluation

Ø  Promoting responsibility

Ø  Opportunities to participate and other intrinsic and recognition rewards

Ø  Providing reward insight data.

Key word – Explain

make something clear or easy to understand, by describing or giving information about it including not only what but why or how

Indicative content:

Use of policies; organisation values and beliefs; ethics; evidence-based judgements; performance data; decisions about financial rewards; decisions about non-financial rewards such as work-life balance, working conditions, work itself, job enrichment, development.

You might want to have three headings:

1.     Considerations

Such as; use of policies; organisation values and beliefs; ethics; evidence-based judgements; performance data

2.     Decisions about financial rewards

3.     Decisions about non-financial rewards

Such as; work-life balance, working conditions, work itself, job enrichment, development.