(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 7C004 Task 1.3 Research Question
(Solution) CIPD Level 5 Avado Learning 5C003- Professional Behaviours and Valuing People
(Solution) CIPD Level 7 7HR02 Question 4 (AC 4.2) contemporary methods that utilise technology to manage both individual and team performance
(Solution) Explain different selection methods and when it is appropriate to use them. (AC2.1)
(Solution) Avado Level 5 5HR03- Reward for Performance and Contribution
(Solution) CIPS ROSHN Developing Contracts in Procurement and Supply (PDC)
- In this assessment, an evaluation of ROSHN company contract terms and conditions have been evaluated.
- By selecting Facilities Management Contract, its effectiveness in ensuring quality issues, time extension risk, costs overruns and unethical practices has been evaluated.
- Further, the importance of performance measures and management in ROSHN company practices has been prioritised for evaluation. The contract terms and conditions have been quoted for evidencing the success of the contract implementation.
- In this assessment, the findings evidence that ROSHN facilities management spend category is characterised by various issues which are stipulated by the terms and conditions.
- The relevance of this is ensuring success in managing the overall faced challenges.
- By reviewing the different terms and conditions, the issues related to performance management, force majeure, costs, indemnity, risk management and insurance have been put into account.
- Also, the battle of forms have been evaluated with the best practice in their management identified.