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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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- To achieve the intended aim of this report, data has been sourced from the organisation internal documents, different CIPS modules and models (Mendelow, STEEPLE and Kraljic). The key findings include ROSHN prefeed approach being multiple sourcing owing to the high-level of market competitiveness. This is with sole and single approaches preferred when only one supplier is being engaged owing to differences in organisation needs.
- Also, the findings evidence that single sourcing prevail in an event many suppliers are available, but an organisation decides to go for one. Another finding in this report is that dual sourcing is used when different methods/options for sourcing are embraced and put in place.
- Finally, through the application of supplier appraisal tool, focusing on the Design Building spend area, an evaluation has been put into account. The result from the appraisal using Carter’s 10C’s evidence organisation success to achieve value for money outcomes and improved market development.
- Internal and external analysis to identify most appropriate sourcing strategy
- Broad sourcing appraisal strategy need to be introduced
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