5HR03 Reward For Performance And Contribution Assignment

Subject Code & Title :-  5HR03 Reward For Performance And Contribution
Level 5 :- Associate Diploma in People Management
This unit focuses on the business factors that influence reward policies as well as the financial drivers of the organisation and the impact of reward costs. It explores the role ofpeople practice and how it can help managers make professional reward judgements. It also looks at the impact of rewarding performance.
5HR03 Reward For Performance And Contribution Assignment

5HR03 Reward For Performance And Contribution Assignment

CIPD Insight factsheets:

 The CIPD factsheet on strategic reward and total reward provides an overview of the various aspects that can be explored in terms of designing and developing a reward strategy.
 The CIPD factsheet reward – an introduction provides an overview on the options organisations can use to reward people and recognise their contributions.

CIPD reports:
The CIPD reward management strategy report includes a survey which focusses on the impact of COVID-19 and reward practices in the UK.

CIPD Podcasts:

 The CIPD changing landscape of reward podcast provides an overview of the role reward strategies play in attracting the best talent. It also looks at the innovative strategies organisations are developing to recognise their employees.
 The CIPD executive pay and the psychology of motivation podcast looks at the pay gap and whether reward packages are much of a motivator.

Case Study :-
Home International is a furniture manufacturer and online retailer. The organisation is a family owned business that was started over 30 years ago and currently employs 175 people on full-time or part time contracts in the UK They have offices based in Oxford Munich Santa Cruz Suez and Kuala Lumpur. The organisation is growing and reaching a wider market due to the growth of online furniture shopping.

The organisation has grown during the pandemic as clients have decided to invest in their homes. More and more people are changing their habits and purchasing sustainable products which is seen as a positive, because Home International specialise in this area.

How ever the business is currently in the process of reviewing all its policies as Brexit means there have been several changes to rules regarding importing and exporting. This review includes people management processes in areas such as performance and reward. The objective is to cut costs improve profits and reduce turnover.

5HR03 Reward For Performance And Contribution Assignment

Each office has a factory where the furniture is made and distributed on a global scale.

Recently the organisation has seen a higher turnover among the factory operatives who are aged 18 – 32 years old whereas the office employees stick around for longer and have an age range from 48 to 68 years old.

You have been tasked to provide the following:
 Task Two: A briefing paper on Bench marking data to inform reward approaches Preparation for Tasks:
 Plan your assessment work with your assessor at the start of the assignment.
Where appropriate agree milestones so they can help you monitor your progress
 Refer to the indicative content in the unit guide and support your evidence
 Pay attention to how your evidence is presented. Remember you are working in the People Development Team for this task
 Ensure that the evidence generated for this assessment remains your own work

5HR03 Reward For Performance And Contribution Assignment

5HR03 Reward For Performance And Contribution Assignment

You will also benefit from:
 Acting on formative feedback from your assessor
 Reflecting on your own experiences of learning opportunities training and continuing professional development
 Taking advantage of the CIPD Factsheets Reports and Podcasts and any other online material on these topics

Task Two: Briefing paper to inform future reward approaches at home international
For this task you are required to create a briefing paper which will be used to inform future decisions around Home International’s approaches to rewards.

This document must summarise the research you have carried out around rewards which will then allow you to create your own reward policy for the organisation.

You will need to gather research for this task which will provide the context for the different environments for reward what should be included in a reward policy and the legal requirements these will help you create and develop your own package.

Your briefing paper must include:
 An assessment of industrial trends and sector profiles linked to common reward packages and levels of business activity relating to the context of reward environment with in Home International (2.1).
 An evaluation of how unemployment and payroll data can be used by Home Inter national to develop insight into benchmarking reward data (2.2).
 An example of a reward package that you have created for Home International.

This should include:
o An appropriate reward package supported with benchmarking data
o A job evaluation scheme
o The market rates relevant to the roles within Home International (2.3).
 An explanation as to the legal requirements in relation to minimum pay and working hours that might impact Home International’s reward practice (2.4).

Your evidence must consist of:
A briefing paper of approximately 1600 words (+ or – 10%)

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