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IHR106001 CHRM Reward Management 5RMT

tag 0 Download 16 Pages / 3,841 Words tag 11-07-2021

Question:

The reward management unit provides the learner with a wide understanding of how the business context drives reward strategies and policies, including labour market, industrial and sector trends, regional differences and trends in pay and international comparisons; the financial drivers of the organisation, the balance sheet and the impact of reward costs. The learner is required to gather and evaluate intelligence on a wide range of reward data and show how this impacts upon business decisions. The learner will acquire knowledge of the perspectives, principles and policies of reward from a theoretical and strategic focus and learn how to implement them in practice. The learner will be able to assess the contribution of reward to business viability and advise on the appropriateness of policies and practices to line managers to promote employee performance.

Learning outcomes

1 Understand the business context of reward and the use of reward intelligence.

2 Understand key reward principles and the implementation of policies and practices.

3 Understand the role of line managers in making reward decisions.

Assessment criteria

1.Understand the business context of reward and the use of reward intelligence

Assess the context of the reward environment and key perspectives that inform reward decisions.

Explain the most appropriate ways in which reward intelligence can be gathered and presented.

Understand key reward principles and the implementation of policies and practices

Evaluate the principle of total rewards and its importance to reward strategy.

Explain the significance of equity, fairness, consistency and transparency as they affect reward policies and practices.

Explain how policy initiatives and practices are implemented.

Understand the role of line managers in making reward decisions.

Explain the various ways in which line managers contribute to reward decision making.

Assess the contribution of extrinsic and intrinsic rewards to improving employee contribution and sustained organisation performance.

Your task

Using your own organisation (or one with which you are familiar), investigate the reward environment and produce a written report in which you:

1.Assess the context of the reward environment and the key perspectives that inform reward decisions. In this section you should:

  • Use an appropriate analysis tool to identify the internal and external factors.
  • Analyse the particular impact of business drivers and related factors on reward decisions.
  • Give examples of different ways of gathering and presenting reward intelligence.

2.Demonstrate your understanding of key reward principles and the implementation of reward policies and practices. In this section you should:

  • Evaluate the principle of total rewards and its importance to reward strategy.
  • Identify and explain the importance of equity, fairness, consistency and transparency in terms of how they should underpin reward policies and practices. You may illustrate your understanding of these key principles by referring to topical reward matters.
  • Assess the contribution of both extrinsic and intrinsic rewards to improving employee contribution and sustained organisation performance. Refer to academic research and the literature in this area and illustrate with examples of good practice.
  • Explain how reward policy initiatives and practices are implemented in your chosen organisation.

3.Demonstrate your understanding of the role of line managers in making reward decisions. In this section you should: (AC 3.1) Explain the various ways line managers contribute to reward decision-making.

Evidence to be produced/required

You should relate academic concepts, theories and professional practice to the way organisations operate, in a critical and informed way, and with reference to key texts, articles and other publications and by using organisational examples for illustration.

All reference sources should be acknowledged correctly and a bibliography provided where appropriate (these should be excluded from the word count).

Guidance about the assessment:

  • do make sure you refer to the assessment criteria (AC) above so you do not miss anything out in your answer. Sometimes one question will cover more than one AC, make sure you cover all the requirements in your answer, and make this clear in your heading;
  • we strongly advise that you read the Assessment Guidance sheet provided (focus on the assessment criteria relevant for this assessment), in your pack, and/or on the Moodle. This helps with othe context of the assignment itself. The two documents work together to clarify what is required;
  • you need to refer to best practice and relevant legislation where appropriate, and include reference to appropriate literature sources to demonstrate your wider reading;
  • when referencing your research and wider reading, remember to include your sources in a Bibliography attached to your work (not included in the word count). Guidance on how to do this can be found on Moodle.  

How?

Your assessment should be submitted through Moodle, ensuring you have fully uploaded your work with attachments correctly.

When?

Submission due dates for each unit can be found on your study calendar. See our policies on Moodle for late submission and extensions.

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Total 16 pages

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My Assignment Help. (2021). IHR106001 CHRM Reward Management 5RMT. Retrieved from https://myassignmenthelp.com/free-samples/ihr106001-chrm-reward-management-5rmt/journal-of-business-and-management.html.

My Assignment Help (2021) IHR106001 CHRM Reward Management 5RMT [Online]. Available from: https://myassignmenthelp.com/free-samples/ihr106001-chrm-reward-management-5rmt/journal-of-business-and-management.html
[Accessed 05 February 2023].

My Assignment Help. 'IHR106001 CHRM Reward Management 5RMT' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/ihr106001-chrm-reward-management-5rmt/journal-of-business-and-management.html> accessed 05 February 2023.

My Assignment Help. IHR106001 CHRM Reward Management 5RMT [Internet]. My Assignment Help. 2021 [cited 05 February 2023]. Available from: https://myassignmenthelp.com/free-samples/ihr106001-chrm-reward-management-5rmt/journal-of-business-and-management.html.


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