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(Solution) CIPD 5HR03 different types of benefits offered by organisations and the merits of each. (AC 1.4)

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Description

Solution

Benefit

CIPD (2023) defines benefit is an advantage or profit gained from something that helps or assists employees to improve their well-being, such as healthcare, paid time off, retirement funds, or financial perks.

Financial benefit

Performance bonuses

GA Pensions could offer performance bonuses incentivise strong annual results by rewarding employees who exceed objectives with additional monetary rewards paying out immediately.

Performance bonuses can drive higher productivity and motivate staff to surpass goals (Kagan, 2022). However, they also involve substantial financial cost and may increase political tensions between high and low performers if not structured equitably. Clear communication is needed regarding targets and payouts.

Non-Financial benefit

Flexible working arrangements

Flexible working arrangements allow employees to balance work responsibilities with personal commitments, improving work-life integration and job satisfaction as reported by UN (2023).

Flexible working appeals to work-life balance seekers and helps retention, but can be challenging to implement due to monitoring and communication issues. It may create perceptions of unfairness and lower in-office collaboration if not applied consistently (Minutedock, 2020). Clear policies are needed regarding availability and accountability.

Similarities

Both performance bonuses and flexible working arrangements aim to improve employee satisfaction and productivity. They reward high performance and accommodating personal needs respectively. When implemented effectively with transparent policies, goals and guidelines, they can motivate staff and enhance commitment to the organization. However, inconsistency in application may breed resentment and perceptions of unfair treatment requiring careful management and communication.

Differences

Performance bonuses

 

 Flexible working arrangements

 
·      Performance bonuses are a direct financial incentive aimed at rewarding employees who exceed set targets and goals with an additional monetary payout.

·      Performance bonuses have clearer monetary outcomes (Best of HR 2023).

 ·      Flexible working on the other hand is an indirect, non-financial benefit focused on improving work-life integration and satisfaction by allowing employees to balance work with personal commitments through flexible schedules or locations of work (CIPD, 2018)

·      Flexible working has less tangible benefits and can be more difficult to implement and monitor consistently across employees.

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