(Solution) Explain the key components of an effective total reward system. (AC5.1)
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| 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.
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| 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. |
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(Solution) (AC4.1) Assess suitable types of contractual arrangements dependent on specific workforce need
Solution Permanent, full-time contracts Permanent, full-time contracts for delivery drivers offer both benefits and drawbacks, making their suitability dependent on ParcelCare’s operational needs and goals. Pros Permanent, full-time contracts provide job security and consistent income for delivery drivers, enhancing employee satisfaction and loyalty. This stability can lead to higher motivation and productivity, reducing turnover rates and the associated costs of recruitment and training as evidenced by Personio (2023). Full-time contracts also facilitate better workforce planning, ensuring ParcelCare has reliable staffing to meet delivery demands. Cons However, these contracts can be less flexible and more costly for the company. Full-time employees typically require benefits such as health insurance, paid leave, and retirement plans, increasing operational expenses. Additionally, the rigidity of permanent contracts may not align with fluctuating delivery volumes, leading to inefficiencies during low-demand periods. Suitability For ParcelCare, full-time contracts can be suitable if delivery volumes are consistently high, ensuring a stable workforce. However, a mixed model that includes part-time or flexible contracts might offer the necessary flexibility to adapt to changing demands while controlling costs. Part-Time Contracts Part-time contracts offer flexibility for delivery drivers, allowing them to balance work with other commitments. Drivers benefit from a stable income, albeit at reduced hours, while ParcelCare can adjust staffing levels according to demand. A significant advantage of part-time contracts is reduced costs associated with employee benefits, as part-time workers may not qualify for full benefits packages (Abogados, 2019). However, part-time drivers may lack the same commitment or availability as full-time employees, potentially impacting reliability and consistency. Zero-Hours Contracts Zero-hours contracts provide maximum flexibility, allowing ParcelCare to scale staffing up or down based on delivery demand without a fixed commitment to provide hours (CIPD, 2023c). For drivers, these contracts offer freedom to accept or decline work, appealing to those seeking flexibility. However, they also result in income uncertainty and lack of guaranteed hours, which can be challenging for drivers seeking stability. For ParcelCare, zero-hours contracts minimise costs during low-demand periods but may lead to difficulties in maintaining a loyal and consistent workforce due to potential driver dissatisfaction. Part-time contracts are most suitable for ParcelCare’s delivery drivers. They offer a stable income and consistent work schedule, which can enhance job satisfaction and reliability while allowing ParcelCare to adjust staffing levels as needed. This balance supports both operational needs and employee stability. Please click the following icon to access this assessment in full