5HR03 Reward for Performance and Contribution explores the impact of internal and external business factors on reward strategies and policies, with a focus on financial drivers within organisations and the implications of reward costs. It highlights the critical role of people practices in supporting managers to make well-informed and effective reward decisions, and examines how rewards impact overall performance.
To successfully complete the task, you are required to provide a written response addressing each of the following points. Utilise academic theory and practical examples effectively to elaborate on your response and illustrate key points. To enhance clarity, use headings and refer to assessment criteria to indicate which criteria you are addressing.
AC 1.1 Evaluate the principles of reward and its importance to organisational culture and performance management
AC 1.2 Explain how policy initiatives and practices are implemented.
AC 1.3 Explain how people and organisational performance can impact on the approach to reward
AC 1.4 Compare two different types of benefits offered by organisations and the merits of each.
AC 1.5 Assess the contribution of extrinsic and intrinsic rewards to improving employee contribution and sustained organisational performance
AC 2.1 Assess the business context of the reward environment
AC 2.2 Evaluate the most appropriate ways in which benchmarking data can be gathered and measured to develop insight
AC 2.3 Explain how organisations use insight to develop reward packages and approaches
This task necessitates an exploration of the role played by HR professionals in assisting line managers with making reward decisions.
AC 2.4 Explain the legislative requirements that impact reward practice.
AC 3.1 Assess different approaches to performance management.
AC 3.2 Review the role of people practice in supporting line managers to make consistent and appropriate reward judgements.
AC 3.3 Explain how line managers make reward judgements based on organisational approaches to reward.
