Professional blog

Scenario

Eco-Insulate UK is a medium sized private sector organisation that manufactures eco-friendly thermal insulation in the UK. The Managing Director (MD), who started the company in the mid1970s has set up a meeting with you to discuss concerns regarding increased turnover of skilled and non-skilled employees.

During the meeting you are made aware that there is no incentive scheme in operation and there is an expected level of performance broadly related to the notion of measured day work. Standard times exist and are maintained by the Finance and Administration Department.

cMost employees receive 28 days paid holidays per year. All employees are included in the noncontributory pension scheme however, it’s generally known that special schemes operate for senior staff only.

The MD is aware that the overall culture and performance of the company is quite negative and that it’s time to look at offering forms of reward incentives, benefits and recognition to stimulate positive change.

In your capacity as a reward specialist practitioner, he asks you to put together a report for the senior management team that will give them knowledge and understanding of the principles and components of reward and pay, including how these might influence organisational, psychological and cultural factors. In addition, he would also like them to gain an understanding of job evaluation and market rates.

Report

To complete the report, you should include written responses to each of the 10 points below, making appropriate use of academic literature, legislation, surveys, data intelligence, research and good practical examples to substantiate your response and illustrate key points. Please ensure that you use reputable sources as indicated on the unit reading list and that all cited sources are correctly acknowledged and presented in full in a bibliography at the end of your report.

With reference to the above scenario:

1) Explain the principles of reward and its importance to organisational culture and performance management. (AC 1.1)

2) Assess the contribution of extrinsic and intrinsic rewards to improving employee contribution and sustained organisational performance. (AC 1.2)

3) Explain the differences between types of grade and pay structures. (AC 2.1)

4) Explain how contingent rewards can impact individual, team and organisational performance. (AC 2.2)

5) Explain the merits of different types of benefits offered by organisations (AC 2.3)

6) Explain the merits of different types of recognition schemes offered by organisations. (AC 2.4)

7) Assess the business context of the reward environment. (AC 3.1)

) Evaluate the most appropriate ways in which benchmarking data can be gathered and measured to develop insight. (AC 3.2)

9) Explain approaches to job evaluation. (AC 3.3)

10)Explain the legislative requirements that impact reward practice. (AC 3.4)

Assessment Criteria

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.

2.1 Explain differences between types of grade 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.

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.

3.4 Explain the legislative requirements that impact reward practice

The post 5HR03: focuses on how internal and external business factors influence reward strategies and policies, the financial drivers of the organisation: Reward for performance and contribution, CIPD level 7, UK appeared first on Students Assignment Help UK.