(Solution) Explain the key components of an effective total reward system. (AC5.1)
New User Gifts
First Order Deal get Ksh 200 Off.
Original price was: £ 30.00.£ 10.00Current price is: £ 10.00.
Payment Methods:
Description
Solution
| Explain the key components of an effective total reward system. (AC5.1)If you use secondary sources you should include your short references in the narrative here. Wordcount: Approximately 250 words. |
| Total Reward System
The total reward system represent comprehensive and well-integrated strategy to reward staff by using compensation, benefits, perks, recognition opportunity, work and life balance, career growth and development (CIPD, 2023). Financial Rewards This is also identified as monetary pay offered to the employees for executing their functions which include pay, bonuses issued, commission and benefits (AdareHR, 2021). Financial rewards include; Base Pay– This example include the salaries and hour-based wages offered to the employees to pursue their job functions. For Clean Quarter, this can be fixed despite of how the organisation or employees execute their roles. Performance-based Pay– This entail further pay which is offered to the employees after they have achieved their assigned roles or succeed in the competency-based system. In Clean Quarter, this can include bonus, profit-based sharing, spot rewards and commission-based pay. Non-Financial Rewards This is identified as non-monetary rewards offered to employees and include being recognised, capacity development, flexibility in working and appropriate workplace culture. The examples include; Learning and Development– The provision of L&D strategies to staff offer them with an appropriate opportunity of attending to external and internal capacity development initiatives. This is while sourcing for support of learning for relevant qualifications or lateral/upward movement in organisation job positions (Pluxee, 2023). For Clean Quarter, this facilitates staff to consistently establish new capability which contribute to increased engagement and performance increase. Recognition Program– This entail a set of initiatives set for acknowledging staff and team-based progress. In Clean Quarter, this can include long service award offered, thank you note, and special mention in their organisations newsletters (Masionis, 2023). This could increase motivation levels and retention.
|
| Explain the relationship between reward and performance. (AC5.2) If you use secondary sources you should include your short references in the narrative here. Wordcount: Approximately 250 words. |
Please click the following icon to access this assessment in full
Related Papers
(Solution) CIPD Level 5 Avado 50S01- Specialist Employment Law
(Solution) CIPS Advanced Level Advanced Practitioner Corporate Award (APDP)
- In summary, this assessment, has focused on evaluating the process of leading a project team for implementing a new category management.
- For achieving this, British American Tobacco (BAT) in Malaysia has been used as an organisation of interest.
- The selected category of spend is technology and particularly the procurement of high speed machines for meeting the market demand. The rationale of this is that as an international organisation, BAT organisation engages both local and international suppliers in sourcing of technology.
- Considering this high demand, there has been challenges which sustainability of their sourcing approach. Therefore, BAT has been prompted to invest in a system which is modernised for ensuring modernisation of the procurement and supply process in BAT.
- For the Procurement and Supply Management (PS&M) tasked with the responsibility of procuring the technology system tend to take part in learning and development strategies, improving the suppliers relations, increasing alternation of the suppliers relations, high-level inclusion of stakeholders and to transform technology.