(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) 5C003 written response and related entries in your CPD Plan (AC 3.1)
(Solution) CIPD 5CO03 Task Two – Professional Review
(Solution) CIPS PDV- Driving Value through Procurement and Supply; Managing Expenditures with Suppliers
- In this report, it has identified IT spend category and its relevance to different stakeholders in RCU organisation.
- Through an active prioritisation of the Royal Commission for AlUla (RCU), the best practice in the organisation has been noted for an active evaluation.
- Further, through pursuing brief market analysis, the scope of PS&M provision of value for money outcomes have been generated. The identified spend category for RCU entail the Information
- Technology (IT) which has been increasing in budgetary allocation over the years ensuring it is appropriately positioned in the active organisation operations.
- This has been evaluated to note on the value of money outcomes by leveraging on tools such as Porter’s 5 Forces, STEEPLE analysis, SWOT and Mendelow Matrix analysis among others.
(Solution) CIPS Advanced Level Commercial Management Assessment
- In summary, this business report has evaluated the global commercial strategy within Eco2Solar organisation. As a best practice of leveraging on competitive advantage and market dominance, organisation strategy has been identified as instrumental.
- The findings of this report indicate that there exist a direct relationship between the strategy and corporate, business, functional structures. This is with various methods which include predictive and descriptive approaches used in the analysis of supply chain.
- By leveraging on various tools such as Pestle generic strategies, Mendelow stakeholders’ analysis and risk register, the need for resources and also stakeholders’ involvement in the commercial strategy has been evaluated.
- This is while managing costs overruns and supply chains managed appropriately.