(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) CIPS Category & Category Management in Procurement and Supply (PS&M)- APGM Occidental of Oman (Oxy)
- Investing in blockchain technologies, cloud-based platform and L&D strategy for contract management strategy to improve entire stakeholders relationship
- Increasing budget assigned in their PS&M post-COVID pandemic economic recession
- Initiate an organisation team members to improve how they integrate and harmonise PS&M approach in the organisation
- Prioritising on increasing team-based working in their sourcing with entire vendors involved for achieving cost saving
- Engagement of various organisations to improve on skills, competency and acquiring relevant talents
- Approving budget intended to implement risk analysis for various potential risks faced
(Solution) Level 7 7C004 Business Research in People Practice The Impact of Employee Wellbeing Strategies on Organisational Performance and Stakeholder Satisfaction
(Solution) 7C001 Question 6: Contemporary public policy development
(Solution) CIPD Level 3 3C003- Core Behaviours for People Professionals
(Solution) New CIPS Development of capabilities for achieving value for money outcomes within the supply chain
(Solution) CIPS FIDIC Terms and Conditions PDC
- This report evaluates the terms and conditions that are applicable in a contract management process to improve its implementation.
- By referencing FIDIC organisation terms and conditions, their effectiveness in mitigating issues with time, unethical, quality, costs and performance management has been evaluated.
- These terms and conditions are grouped into the goods quality, guidelines of goods and services inspection, communication, and time extension.
- Part of the analysis involves the evaluation of performance measures essential to improve management and monitoring of the stakeholder’s involvement in the contract process.
- At the end, battle of forms has been evaluated, which involves failure to agree on set terms and conditions.
- To solve this, short-term rule and long-term rule and Lord Deming could be adopted.