Scenario
The board at GA Pensions has decided to undertake a review of its reward strategies across the whole company. It is aware that the way reward is currently being implemented is fragmented and is causing elements of dissatisfaction amongst employees which is affecting business as well as employee performance outcomes. In your role as Reward Advisor, the board has asked you to provide it with a report that gives it an understanding of the context and approaches to reward and how these might influence a range of organisational and psychological factors. It also needs you to clarify the role that people professionals have in supporting line managers to make reward decisions.
Task One 2600 word
To complete the task, you should provide a written response to each of the points below, making appropriate use of academic theory and practical examples to expand your response and illustrate key points.
To help the reader, please make use of headings and assessment criteria references to signpost the assessment criteria being addressed.
Evaluate the principles of reward and its importance to organisational culture and performance management. (AC 1.1)
Explain how policy initiatives and practices are implemented. (AC 1.2)
Explain how people and organisational performance can impact on the approach to reward. (AC 1.3)
Compare two different types of benefits offered by organisations and the merits of each. (AC 1.4)
Assess the contribution of extrinsic and intrinsic rewards to improving employee contribution and sustained organisational performance. (AC 1.5)
Assess the business context of the reward environment. (AC 2.1)
Evaluate the most appropriate ways in which benchmarking data can be gathered and measured to develop insight. (AC 2.2)
Explain how organisations use insight to develop reward packages and approaches. (AC 2.3)