(Solution) CIPD 5HR03 principles of reward and its importance to organisational culture and performance management. (AC 1.1)
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| Evaluate the principles of reward and its importance to organisational culture and performance management. (AC 1.1)
Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section.Word count: Approximately 300words
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| GA Pensions can approach reward methods and processes by using the principles of rewards. They serve as the foundation for efficient reward strategies and give organizations direction for decisions involving rewards.
Consistency in rewards provision – No employee is given a different reward without justification or at random. According to CIPD (2022), this is with the rewards being offered with consistency and informed by demand. Transparency –Stakeholders affected by reward methods and processes should be informed (Glassdoor Team, 2019). Employees’ opinions should be considered when making award decisions, according to GA Pensions. Fairness- Sense of self when delivering awards, HR professionals and line managers must adhere to the equal pay rules. Employees must believe they are being treated fairly. Aligned with organizational Objectives/goals – Employees should be encouraged by rewards to accomplish organizational goals and objectives.
The importance of culture By promoting positive attitudes and behaviors inside the organization, the principles of incentives have an impact on organizational culture as evidenced by Ohio University (2022). GA Pensions must recognize and appreciate people for their original thinking if it hopes to foster an innovative culture. Positive company culture is essential for retaining personnel. Because they aid in integrating beliefs and ethos into culture, awards that are built around reward principles can help employees feel more connected to the organization’s mission. However, neglecting to base rewards on reward principles can have a detrimental effect on culture by fostering employee discontent and unfairness views. Importance of performance management According to Pascasilla et al (2020), in order to fulfill organizational goals and objectives, employees need to feel motivated and satisfied at work. Rewards are crucial to performance because they motivate workers to put in more effort. Monitoring progress and honoring individual contributions are two additional benefits of performance management. When supervisors do not recognize employees for their hard work, a negative effect may result. As a result, performance may suffer and absence rates may be high.
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| Explain how policy initiatives and practices are implemented. (AC 1.2)
Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section.Word count: Approximately 300 words
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