(Solution) CIPD 5HR03 Task Two – Report Section Two
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Task Two – Report Section Two
| Explain the legislative requirements that impact reward practice. (AC 2.4)
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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| Equality Act 2010
In order to prohibit any type of prejudice when awarding people, the Equality Act of 2010 might be used to reward practices. Employers are prohibited by law from discriminating against their employees’ wages, benefits, or work terms and conditions based on their sexual orientation, gender, race, handicap, or any other protected trait (Acas, 2023). The Equal Pay Act of 2010 also addresses the issue of how much men and women ought to be paid. For instance, GA Pensions must compensate men and women performing comparable employment or work of equivalent worth equally in order to maintain equity in rewards. These consist of equal pay, paid holidays, pensions, overtime pay, and paid annual leave. Only when a person’s abilities and credentials are essential for the position can GA Pensions reward men and women who perform comparable work in different ways. National Minimum Wage Act 1998 Employers are required by law to give workers a minimum wage per hour. GA Pensions should be aware that different ages have varied minimum wage requirements and should abide by them to prevent legal claims and accusations of discrimination. Ages 23 and over cost £9.50, Ages 21 to 22 cost £9.18, Ages 18 to 20 cost £6.83, Ages under 18 cost £4.81 and Apprentice cost £4.81 (Acas, 2023). Every set of workers receives a better income that can assist them satisfy their needs thanks to these various wage rates. GA Pensions could be paying more than the going hourly wage, but it shouldn’t be less. Paying workers less than the legal minimum wage will result in a legal risk for the business, making it harder for GA Pensions to find and keep talented staff. CEO Pay Reporting Companies with at least 250 workers in the UK are required by the Corporations (Miscellaneous Reporting) Regulations 2018 to declare the split between the CEO’s pay and the pay of full-time employees (Cotton, 2022). This is true of the CEO and employee pay structures of GA Pensions. The ratio of employee compensation to CEO compensation should be made public by GA Pensions. A report on changes in the CEO disclosure ratio and the metrics used to compute the ratio should also be included in GA Pensions. GA Pensions’s dedication to justice and fairness might be demonstrated by a lower CEO Pay ratio.
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- In conclusion, the findings in this report indicate that Woolworths is currently using Ariba and SAP systems. This study covers the annual spend of Woolworths, the portfolio of Woolworths, their Category and Risk Management.
- Based on the study, Woolworths have to reduce their annual costs, and this may be supported by automation of as many processes as possible and this will also improve their efficiency and effectiveness levels.
- Woolworths also has made significant efforts in categorising its products and managing supply and other risks by having a wide pool of suppliers.
- Further, the introduction of online shopping has greatly boosted their market reach and their competitiveness.
- Woolworths also has to consider grouping all its purchases into categories. This will greatly ease the amounts spent on buying individual items since bulk purchases allow for great discounts due to the economies of scale.
- Further, category management will ensure that the entire supply chain is managed effectively and efficiently with minimal instances of supply chain disruptions.
- Woolworths also must prioritise its stakeholders and acknowledge the role that each stakeholder plays and how this contributes significantly to the overall growth of the firm.
- Stakeholders have to be informed and involved when major decisions are to be made as this will enrich the strategies, contributions and suggestions brought forward.
- Stakeholder analysis is also key to maintain the stakeholder relations which improves not only the reputation of Woolworths but also the market share of Woolworths. This gives them a niche in their market.