5HR03 Reward For Performance and Contribution

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Unit 5HR03 identifies the strategies of reward which can efficiently drive performance, motivate employees and align with the goals of the organisation. This unit also focuses on the application and design of the system of award which identifies the team and individual contributions, blending expensive and intrinsic motivators. It also includes significant components such as bonus plans, pay structures, benefits and recognition of non-financial. This unit also has the aim which giving learners a family with the policy of awards, influence of retention and engagement of employees and character of incentives.

Unit 5HR03 Reward for performance and contribution has great significance. It is dependent on the strategic alignment of human resource practices management. It has a focus on the performance of the organisation and reward connection. The strategies of reward are regarding the increments of salary which focus on the holistic approach, opportunities to integrate career development and balance of work life with program recognition. The learners will also, make sure there inclusive and equitable behaviour. This unit also reinforces the transparent and fair policy of reward with its significance to identify the satisfaction and trust among employees.

The learners of the unit increase their knowledge of the connection between the motivation of employees and reward management. They also identify the theories regarding psychological contracts, performance management and motivation between employees and employers. This unit also gives learners equipped with practical knowledge so that they can implement and design the system of reward to prepare for multiple cultures and structures of the organisation. By completing the entire study, the learners will improve their strategic thinking, and increase their skills in analytics in the assessment of awards. Moreover, generates the potential for contributing to the success of the organisation through practices of well-crafted rewards.

Unit Aims

The main aims of the unit 5HR03 Reward for performance and contribution are demonstrated here.

• To make learners able to develop and understand the strategies of reward. These are aligned with the overall objectives of the organisation and promote incredible performance.
• To teach learners about the implementation of an effective system of reward. It provokes employees, enhances retention of employees and encourages high performance through non-financial and financial rewards.
• To equip learners with the skills to develop and assess the policies of reward that are inclusive transparent and equitable. It provides an optimistic culture of the organisation and improves the satisfaction of employees.

Learning Outcomes

The learning outcomes in unit 5HR03 Reward for performance and contribution are given below.

LO1 Understand the impact of reward approaches and packages.

Learners will identify the way through which multiple strategies of reward impact engagement, the behaviour of employees and the overall performance of the organisation. This LO focuses on the requirements to recognise the multiple categories of rewards. These rewards include benefits, financial compensation and incentives which are non-monetary. It is also the way through which these components interact to generate the holistic package of reward. It is aligned with the needs of employees and objectives of the business. The learners will acquire financial and psychological implications through these outcomes and the achievement of the reward system. Moreover, they will recognise the significance of package design which makes employees to:

• Engage
• Retain
• Motivate

LO2 Be able to develop insight from benchmarking data to inform reward approaches.

The focus of this outcome is on giving learners equipped with the potential to interpret and analyse the database marking so that they can make informed decisions about rewards. Benchmarking includes the comparison of the reward policy of the organisation and competitors or standards of the industry to benchmarking. It includes the comparison of the reward policy of the organisation and competitors or standards of the industry to identify the opportunities and gaps of the organisation. The recognition of employees` expectations and market trends makes learners able to recommend or implement changes to the structure of reward to maintain compliance and competitiveness. Learners will know:

• How to collect data
• How to analyse data
• How to use data

LO3 Understand the role of people professionals in supporting line managers to make reward decisions.

This outcome will shed light on the significance of the collaboration between the line manager and HR professionals in the process of reward decision-making.

• People professionals have a crucial role in advisory
• People professionals guide managers in making informed decisions
• People professionals remain consistent with the reward decisions

It includes the training of line managers on the principles of reward. It offers knowledge of the structures of compensation and ensures compliance with the policies of the organisation. The learners will identify the way through which people professionals may contribute to the recognition of culture and fair treatment. They also poster the environment where the system of reward aligned with the goals of the business. Moreover, it will improve the satisfaction of the employee.

Assessment Criteria

Here are the assessment criteria of unit 5HR03 Reward for performance and contribution with great association to learning outcomes.

LO1 Understand the impact of reward approaches and packages.

• 1.1 Explain the principles of reward and its importance to organisational culture and performance management.
• 1.2 Assess the contribution of extrinsic and intrinsic rewards to improving employee contribution and sustained organisational performance.

LO2 Be able to develop insight from benchmarking data to inform reward approaches.

• 2.1 Explain the differences between types of grades and pay structures.
• 2.2 Explain how contingent rewards can impact individual, team and organisational performance.
• 2.3 Explain the merits of different types of benefits offered by organisations.
• 2.4 Explain the merits of different types of recognition schemes offered by organisations.

LO3 Understand the role of people professionals in supporting line managers to make reward decisions.

• 3.1 Assess the business context of the reward environment.
• 3.2 Evaluate the most appropriate ways in which benchmarking data can be gathered and measured to develop insight.
• 3.3 Explain approaches to job evaluation.

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