Reward for performance and contribution Resubmission

QUESTION 1.1Evaluate the principles of reward and its importance to organisational culture and performance
management. (AC 1.1) Word count: Approximately 300 words
Reward systems are fundamental blocks in designing organizational culture and properly
managing performance. The principles of reward strategies entail different vital elements
that significantly impact employee morale, interaction, and the success of the
organization. Firstly, equality and fairness are core principles in reward management.
Employees are expected to be treated equally and fairly when rewarding their
performances. When rewards are distributed according to the objective criteria and
perceived as equal, they encourage trust and loyalty between the employees and the
organization. Secondly, being in line with organizational objectives is very important.
Rewards should be made to ensure that the expected character and performance align
with the organization’s strategic goals. For example, reward systems should acknowledge
and incorporate problem-solving and creative thinking if the company aims to elevate
innovation.
Appreciation and recognition are essential principles in reward management. Apart from
monetary rewards, appraising employees’ performances and achievements elevates their
sense of belonging and value within the organization. This can be performed in many
ways, such as awards, public recognition, or positive messages from the organization’s
management. Additionally, flexibility and customization are increasingly crucial in modern
reward techniques. Employees possess different motivations and preferences, and giving
flexible reward options enables organizations to care for people’s needs and preferences.
This could entail benefits like wellness programs, tailored career development
opportunities, or flexible working arrangements.
The significance of these principles to organizational culture is unmatched. A wellstructured reward system includes cultural values like equity, performance orientation,
and acknowledgment; this enhances shaping the norms and character within the
organization. Moreover, an efficient reward system directly impacts performance
management by giving tangible incentives for employees to strive for excellence and put
their efforts in line with organizational goals. Fairness, alignment, acknowledgment, and
flexibility are essential in structuring reward systems that develop a better organizational
culture and steer performance management policies forward (Shields et al., 2020). By
complying with these principles, organizations can create an ecosystem where employees
have a sense of value, are motivated, and are encouraged to contribute more towards
accomplishing shared goals.
Instructor comments:
AC
Number
1.1
Assessment Criteria
Mark
1-4
Evaluate the principles of reward and its importance to
organisational culture and performance management.
Assessor feedback:
1REFER
Insufficient demonstration of knowledge, understanding or skills
for this AC. You must be clear in your response and answer the
question fully.
please provide a clear sub-heading
Resubmission feedback:
Explain WHY the principles of reward are important to:
GA Pension’s Organisational culture
what impact do they have? (good /bad/
disadvantages/advantages etc…?)
GA Pension’s Performance Management
what impact do they have? (good /bad/
disadvantages/advantages etc…?)
QUESTION 1.2
Explain how policy initiatives and practices are implemented. (AC 1.2)
Word count: Approximately 300 words
Policy initiatives and practices are implemented systematically, ensuring they are aligned
with the organization’s objectives, meeting, and HRA compliance while effectively
garnering desired results. The process often consists of distinct steps to include:
1. Step 1: Policy Development includes the first step, in which reward policies are
developed in line with the organization’s goals, objectives, and values. This phase
also requires policy developers to ascertain the objectives the policies will achieve,
the scope and extent of the policy coverage, and how the policy will be
implemented.
2. Step 2: Communication and Training: The developed rewards policies must be
communicated through a formal learning protocol to integrate employees and all
stakeholders (Adhikari & Shrestha, 2023, p.1127).
3. Step 3: Integration with HR Systems: Reward policies should be integrated within
HR systems and procedures to streamline administration and monitoring. This will
involve incorporating reward data into HRIS to monitor employee performance,
consolidate reward data, and automate reward processes such as performance
assessments
and
incentive
payment
systems.
Compliance
and
Legal
Requirements: Policies must comply with relevant legal requirements and industry
standards, which will help reduce unfair business practices. HR also must stay upto-date with changes in compensation, benefits, and employment laws. Monitoring
Performance: Reward policies should be continually evaluated to ensure success.
4. Step 4: Compliance and Legal Considerations: Policies must align with the legal
requirements and organizations’ standards to deal with risks and ensure equity and
fairness in reward activities. HR officers must stay abreast of important laws and
regulations concerning benefits, compensation, and employment activities to
ensure compliance.
5. Step 5: Performance Monitoring and Evaluation: Continuous evaluation and
monitoring are essential in assessing the efficiency of reward policies and activities.
Key performance indicators (KPIs), like retention rates, performance metrics, and
employee satisfaction, can be followed to determine the effectiveness of rewards
on organizational results (Mohsin & Srivastava, 2022).
6. Step 6: Feedback and Adaptation: Feedback mechanisms should be implemented
to collect input from employees and the management on the efficiency and equity
of reward activities. Policies may be checked or updated depending on feedback
and evaluation outcomes to cater to gaps or emerging needs.
Instructor comments:
Explain how policy initiatives and practices are implemented.
1.2
Assessor feedback:
Insufficient demonstration of knowledge, understanding or skills for this AC.
You must be clear in your response and answer the question fully.
Insufficient References and examples
please provide a clear sub-heading
Resubmission feedback:
Explain HOW GA Pensions could put this reward policy into practice.
How is it implemented?
Summarise the key steps required:
Who is involved, role of line managers, communicating, asking for
input, seeking feedback to drive the design; integrating the rewards
strategy with other People Practice; evaluate and measure the
effectiveness of the strategy etc.
QUESTION 1.3
Explain how people and organisational performance can impact on the approach to reward. (AC 1.3)
Word count: Approximately 250 words
People and organizational performance elements significantly impact the reward structure
within any organization. Here is how:
1. Employee Motivation and Engagement: Those working in a working environment
with high collaboration and engagement can eventually develop an effortless job
performance reward structure. If workers are comprehended by their performance
so that they have a feeling of being sufficiently rewarded, they will be motivated to
do great. Organizations can employ a system with attractive tactics, within which
career development, recognition of outstanding play, and performance-based are
highly rewarded (Ghani et al., 2022, p.2885).
2. Performance Culture: Organizations with performance-oriented cultures naturally
enfold their reward systems to teams and individuals who perform well. The
remuneration usually aligns with the exact performance criteria or objectives in
these conditions. It thus inspires the staff to achieve definite goals and the
organizations to attain generally higher goals. This can ensure the pay through
performance-based pay structures, bonuses, or merit-based promotions.
3. Retention and Talent Management: The leadership ability to have the right people
on staff and work with dedication is critical for organizational success. An efficient
incentive program ties in with the competitive environment and industry standards
and consequently ensures that remuneration packages and benefits are at least
competitive enough to hold on to crucial staff. Furthermore, companies can provide
their top performers with non-monetary rewards such as promotions, training
courses, and career development programs that have the potential to draw in and
retain the best employees.
Instructor comments:
Explain how people and organisational performance can impact
on the approach to reward.
1.3
1REFER
Assessor feedback:
Insufficient demonstration of knowledge, understanding or skills
for this AC. You must be clear in your response and answer the
question fully.
please provide a clear sub-heading
Resubmission feedback:
Explain how specific issues with people performance could
impact GA Pension’s decisions about which reward
approaches to take?
For example: If your employees have high absenteeism, what
Reward approaches could help address this?
Explain how specific issues with organisational performance
For example: If the organisation has low productivity, what
reward approaches could help to address this?
QUESTION 1.4
Compare (two) different types of benefits offered by organisations and the merits of each. (AC 1.4)
Word count: Approximately 250 words
1. Health Benefits:
•
Medical Insurance: Some institutions cover medical insurance for their employees
and dependents with no exclusions. It entails medical help such as visiting a doctor,
admission to a hospital, prescription medicines, and, very often, dental and eye
health care. Medical insurance as such is an indisputable benefit from the financial
point of view insofar as it guarantees humanity from the unpredictable medical
costs by the use of which employees and workers’ health is improved, thereby
allowing them to be stress-free in general.
•
Wellness Programs: The wellness programs involve gym memberships,
seminars, and preventive health screening programs. This makes the employees
fit and indirectly guides the organization to fewer sickness leaves, more
productivity, and lower healthcare costs. By investing in employee wellness,
organizations can be made happier, healthier, and have better spirits; therefore,
there will be a high sense of job satisfaction and morale (Safeer, 2023).
2. Flexible Working Arrangements:
•
Remote Work Options: Flexible working mode using telecommuting introduces the
opportunities to work remotely at home or in a selected workplace outside the
office. Such flexibility not only helps the employees achieve better work-life
balance but also helps them avoid stressful commuting hours and gives them free
time to eliminate the stress of daily office life. Also, productivity is increased as
there are no usual office distractions. While working remotely can enhance
organizations’ access to a more extensive talent pool and minimize the expenses
of renting office space, overcoming all these challenges takes work.
Health benefits and flexible working provide multiple advantages for employees and the
organization. In other words, health benefits are a priority of emotional and physical
welfare, but work-life balance and autonomy are core values of remote jobs. Indeed, both
types of benefits often lead to employee satisfaction, engagement, better job
performance, and successful organization. An organization’s survey of benefits depends
on its culture, priorities, and employing staff.
Instructor comments:
1.4
Compare the different types of benefits offered by organisations
and the merits of each.
1REFER
Assessor feedback:
Insufficient demonstration of knowledge, understanding or skills
for this AC. You must be clear in your response and answer the
question fully.
Resubmission feedback:
Identify ONE FINANCIAL benefit that GA Pension’s could
offer as part of their reward Strategy
Identify ONE NON-FINANCIAL benefit that GA Pension’s
could offer as part of their reward Strategy
Please double check your reference sources for credibility,
reliability and if they are suitable academic reference
sources.
QUESTION 2.1
Assess the business context of the reward environment. (AC 2.1)
Word count: Approximately 400 words
The context of the reward system in a business environment consists of different internal
and external elements that should be considered in designing and executing, as well as
the effectiveness of the reward policy inside a corporation. Context comprehension is
considerable, as it helps to tie motivational schemes with organizational objectives,
market conditions, and personnel needs. Here is an assessment of critical elements
within the business context:
Internal Factors:
1. Organizational Culture and Values: The reward setup needs to embody the
company’s culture and values to produce a sense of unity and continuously align with
the organizational identity. As an illustration, companies that value innovation can, for
instance, offer bonuses to employees to show their creativity and good problem-solving
skills. In contrast, other companies that put customer satisfaction first can prefer to
encourage team members with outstanding customer service.
2. Performance Management Practices: An awards system’s success depends on the
performance management style in place. Composite clear work expectations, constant
feedback, and fair performance evaluation are essential for efficiently assessing the
Employee’s contribution and the employer’s reward. Performance management, which
creates the link between performance and rewards and helps strengthen the motivation
and accountability of employees, is characterized as a robust framework.
External Factors:
1. Market Competition and Industry Trends: Organizations influence what market is open
to their activities, their competition, and changes and trends in the particular sector. The
benchmark comparison with the industry counterparts is a good indicator of how
organizations can continue to be competent in acquiring and retaining talent. Knowing
the practices that currently work in the marketplace aids organizations in drafting
marketable compensation to attract interested candidates.
2. Economic Conditions: Several economic factors impact the organizations’ ability to
spend on rewards. They include inflation rates, unemployment levels, and GDP growth.
When knowing the economic downturn is low, organizations may experience budget
restrictions and cost-cutting necessary, and subsequently, reward priorities are almost
reassessed. However, during a booming economy, people-centered organizations can
invest in elaborate rewards that make it appealing to get more staff.
Instructor comments:
2.1
Assess the business context of the reward environment.
Assessor feedback:
1REFER
This is a well-written assignment that addresses the key aspects
of the business context of the reward environment.
Your Pestle analysis is missing
Pick any THREE relevant elements of the PESTLE analysis,
relate these to the reward environment.
– Political, Economic, Social, Technological,
Legal & Environmental
– Assess how these elements impact on GA
Pension’s reward decisions.
For example: How would recent legislation on
equality impact reward strategy?
You could consider equality legislation;
regional differences in pay; labour force trends,
pay trends, the economy, the political
environment
You need to reference your data.
QUESTION 2.2
Evaluate the most appropriate ways in which benchmarking data can be gathered and measured to
develop insight. (AC 2.2) Word count: Approximately 400 words
Benchmarking, among the notable tools for organizations, can help evaluate its
performance, discover dismal areas, and obtain examples of the industry’s best practices.
A good benchmark process consists of collecting and presenting analyzed data for further
use in drawing practical conclusions.
1. Identify Key Performance Indicators (KPIs): Before benchmarking data analysis,
selecting appropriate KPs related to the organization’s objectives and goals is vital. Such
KPIs include organizational factors like employee turnover rates, compensation levels and
benefits, and performance-based incentive packages. Clear KPIs give a base for choosing
benchmarking data that fits the organization’s general needs.
2. Utilize Multiple Data Sources: Benchmarking data could be taken from different
authority sources, including trade bodies, association publications, governmental
statistics, and other experts. Utilizing the power of multiple sources helps to present a
relevant and comprehensive understanding of the industry trends and processes.
Employee remuneration patterns can be revealed by surveys conducted for a specific
industry by appropriate organizations. These findings can provide information about pay
rates and benefits that are specific to a particular sector.
3. Ensure Data Reliability and Validity: One of the most critical aspects of benchmarking
is ensuring the reliability and validity of the information appropriately obtained. This calls
for validating the integrity of the data sources, looking at how data collection was done by
checking on the implementation of the process and factoring in sample size and the
response rate. Good quality data, which is dependable and valid, humbles the decisionmaking process and enables rightful comparisons.
4. Normalize Data for Comparison: The benchmarking data may be combined and
calculated collectively; they may be grouped with the sizes of organizations, their
localities, business sectors, and the other factors that he/she/you deem essential.
Normalizing the data includes denormalizing the data to allow for valid comparisons. In
addition, when examining fair pay, Organizations usually normalize their data based on
factors like job position, experience level, and geographic location to ensure correct and
just comparisons.
5. Continuous Monitoring and Evaluation: Benchmarking is a persistent activity that
demands continuous monitoring and assessment, which generally aims to tailor the
comparison of performance trends to track emerging threats or opportunities (Aithal &
Aithal, 2023. p.305). Keeping NA items on track with various sources means incorporating
them to reciprocate and adapt to dynamics and the quality demanded by the industry.
Instructor comments:
2.2
Evaluate the most appropriate ways in which benchmarking data
can be gathered and measured to develop insight.
Assessor feedback:
You have done very good research. However, the answer could
not meet the pass criteria as it is lacking some important points:
Resubmission feedback:
1REFER
Provide a conclusion – Which method would be the most
useful for GA Pensions to develop insight into reward
strategies?
QUESTION 2.3
Develop organisational reward packages and approaches based on insight. (AC 2.3)
Word count: Approximately 400 words
Organizations can develop a strategy to build reward programs and packages that have
the prospect of succeeding by using evidence from regular benchmarking data, internal
analysis, and employee feedback. Here is a structured approach to developing
organizational reward packages based on insight:
1. Identify Key Insights: Start with data benchmarking, internal organization performance
metrics, and employee feedback analysis. This aims to identify the rewards preferences’
key insights and observe the trends related to market competitiveness and organizational
priorities. Bringing this analysis into the spotlight would be a juxtaposition between the
good part and the area for improvement in the current reward system.
2. Align with Organizational Goals: Ensure the rewards and compensation reflect the
company’s strategic goals, values, and cultural language. By way of illustration, if
innovation becomes a top strategic target, the reward methodology will bring innovation
issues to focus with inducements for creative ideas and opportunities for professional
development tied to innovation performance.
3. Balance Extrinsic and Intrinsic Rewards: Create a combination of extrinsic and intrinsic
rewards to help employees master the professional environment. Besides posing rewards
that include attractive packages, bonuses, and competitive compensation, recognize that
money is an external motivator (for example, financial security). Alongside the intrinsic
rewards consciousness, such as the chances of learning and developing a sense of
meaning and appreciation, pay attention to the stimulation of purpose and fulfilment.
5. Promote Transparency and Equity: Maintain transparency and avoid visible inequities
in rewarding employees to develop trust and trustworthiness. Employees will have to know
the metrics and the logic behind reward decisions, and we will set up the system for them
to provide feedback and express their wishes. Adopt a system for frequent review, with
adjustments made when needed to eliminate any flaw in the reward packets.
6. Encourage Performance Excellence: Define reward approaches that attend to the
recognition and motivation for high performance, innovation, and collaboration. Particular
attention should be paid to the proportion of individualized and social rewards in allocation.
In conclusion, designing organizational compensation plans and strategy
businesses should be founded on well-grounded data, staff survey responses, and
positioning with the company’s direction, resulting in high employee engagement, leading
to better performance, and contributing to a sustainable organization. By specializing in
rewards in the form that addresses the desire of individual employees, combining the
attraction of extrinsic and intrinsic elements, advocating transparency and fairness, and
engaging performance excellence, organizations can get a proposition of value that can
help businesses attract, retain, and motivate the talents.
Instructor comments:
2.3
Develop organisational reward packages and approaches based
on insight.
Assessor feedback:
1REFER
You have done very good research. However, the answer could
not meet the pass criteria as it is lacking some important points:
Resubmission feedback:
Explain how you could develop an organisational reward
package or approach based on the information gathered as
part of AC 2.1 (PESTLE)
What things would GA Pensions need to consider when
developing a Reward Strategy?
You need to include: Job evaluation, grade and pay
structures, ensuring fairness of reward and correct levelling
of jobs withing your narrative.
Provide a conclusion. How do these help to develop a strong
reward package or approach?
QUESTION 3.2
Review the role of people practice in supporting line managers to make consistent and appropriate
reward judgements. (AC 3.2) Word count: Approximately 300 words
The human resources department (HR) performs critical functions in assisting managers
to act consistently and work with fair criteria in their compensation decisions. This is
accomplished through the following key activities:
1. Providing training and guidance: HR organizes regular training for line managers to
maintain all the organization’s policies regarding rewards, the procedures for
implementing rewards, and the decision-making criteria that are used for rewards. In this
training, staff will be taught topics like the evaluation of jobs, market prices, performance
management methods, legal compliance, and so on, so managers can consider fairness,
consistency, and other considerations while making pay decisions.
2. Conducting market analysis and benchmarking: HR professionals routinely possess
and process data on salary packages and trends for various positions and industries, from
which future pay trends of the economy can be anticipated (Kang & Lee, 2021, p.1049).
The organization gauges that this data identifies the performance of all employee
compensation packages, ensuring they remain competitive and appealing to potential and
current employees.
3. Monitoring and auditing reward decisions: In the aspect of people management (HR),
processes for overseeing and auditing are in place to allow for checking of the rewards
that managers of the line have distributed in terms of fairness, consistency, and
compliance with the organizational policies and regional regulations. Such neglect found
and fixed any remaining problem or inappropriateness with the reward evaluation coming
up.
Professional people practice-related expertise, knowledge, and resources are
powerful tools in helping line managers make judgments for the rewards that will be
consistent, correct, and impartial and will contribute to the creation of a work environment
that is fair and equitable in a way that will still support the overall and long-term goals of
the enterprise.
Instructor comments:
3.2
Review the role of people practice in supporting line managers to
make consistent and appropriate reward judgements.
1REFER
Assessor feedback:
Your answer shows some understanding of the topic, but it lacks
depth and does not fully address the question requirements.
Resubmission feedback:
Advise GA Pensions why is it important for People
Professionals to support Line Managers in their reward
related activities?
Provide 2 examples of how People Professionals support GA
Pensions line managers in making decisions on reward
within your own organisation
Why is it important that these decisions are consistent and
appropriate reward judgements
what would happen if they did not do this? .
QUESTION 3.3
Explain how line managers make reward judgements based on organisational approaches to reward. (AC
3.3) Word count: Approximately 300 words
Line managers make reward decisions and the approach the senior executives developed
and the company’s human resources (HR) division for these organizational plans are to
be perceived as the requirements that govern the organization’s forming of payable
compensation and a job benefits package. Here is how line managers typically make
reward judgments based on these organizational approaches: Here is how line managers
typically make reward judgments based on these organizational approaches:
1. Job evaluation and grading systems: Institutions are frequently the owners that consist
of Job evaluation and grade systems, whereas they evaluate the best worth of different
roles to the organization based on factors including skills, responsibilities, and job
complexity. Human resources use them for salary determination, while Line managers
ensure internal equity and consistency by determining a salary range or grade for each
team position.
2. Performance management processes: In many cases, companies use income as a
performance tool by which some employees get promotions, merits, and bonuses while
others do not. Line managers go through performance management processes that align
with the organization’s established procedures that rate the contributions, successes, and
competencies of their subordinates. This review, in turn, would carry along a reward
decision-making task targeted at giving credit where it is due.
3. Market pricing strategies: HR professionals survey market research to ascertain similar
compensation levels from different employers who are recruiting for the same positions
with similar locations. Line managers use information from the unemployment market to
manage their rewards function to ensure alignment with industry standards and help keep
the organization’s ability to attract and retain its top talent.
4. Reward policies and guidelines: Organizations usually adopt policies and procedures
that set forth the criteria(threads), processes, and approval processes for the rewards of
different kinds, like promotions, bonuses, or equity ownership (Felício et al., 2021, p.597).
As line managers are entrusted with administering such policies, authenticity and fairness
are of utmost significance in decision-making.
Instructor comments:
3.3
Explain how line managers make reward judgements based on
organisational approaches to reward.
Assessor feedback:
Your answer shows some understanding of the topic, but it lacks
depth and does not fully address the question requirements.
Resubmission feedback:
Identify ONE check GA Pensions might use to ensure
fairness and equity in line management reward decisionmaking
1REFER