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CMI Assignment Help > Blog > CIPD Level 5 > 5hr03 Assignment Example

5hr03 Assignment Example

  • August 10, 2024
  • Posted by: Scarlett
  • Category: CIPD Level 5
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5hr03 Assignment Example

Assessment Questions

Task One 

AC 1.1 Evaluate the principles of reward and its importance to organisational culture and performance management.

Key Principles of Reward

Fairness

This makes sure that the employees view their salaries as equitable and just relative to their responsibilities, skills, and contributions (REBA, 2021). 

Equity

Equity deals with giving all employees the same rewards non-discriminatorily based on their performance (REBA, 2021).

Transparency

This involves disclosing the reward system to staff members to understand the standards of good performance and how compensation will be provided (REBA, 2021).

Importance to GA Pensions’ Organisational Culture

The parameters on which the reward systems of GA Pensions should be based are fairness, equity, and transparency, which should be taken into consideration for building the organisational culture of GA Pensions. Such a set of principles ensures a working atmosphere where one can be cordial and trustworthy towards each other, positively affecting the employees’ morale and dedication level (Cotton, 2023). If an employee sees that their rewards are just and reasonable, they will feel appreciated and motivated more, resulting in more job satisfaction and stronger loyalty (). 

Importance to GA Pensions’ Performance Management Adherence to the concepts of fairness, justice, and openness is inevitable at the outset of GA Pensions’ performance management system. Appropriate and balanced contracts among employees stimulate employees to work at their best, making their personal goals and objectives coincide with those of the organisation (Cotton, 2023).GA pensions should value employees by giving them awards and recognitions for their efforts and achievements. This makes employees work hard and improves the firm’s performance. Furthermore, rewards

rds need to be transparent to eliminate confusion and boost accountability, which aids managers in giving advice and helping employees become more skilled (Cotton, 2023). Hence, sticking to these parameters makes performance management strong, thereby driving productivity, efficiency and competencies. Consequently, GA Pensions will perform well consistently. AC 1.2 Explain how policy initiatives and practices are implemented. Example of a Reward Policy An example of a reward policy that GA can embrace is providing a performance-based bonus scheme, under which a monetary reward is paid to individual and team achievement contributors. Implementation at GA Pensions To implement a performance-based bonus scheme at GA Pensions, the following steps could be taken: Design Phase  This stage involves professionals working together with senior management to develop performance-related executive incentives. It requires that professionals pinpoint the precise KPIs, design achievable goals, and identify the reward scheme (Matthews, 2019). Communication and Training Here, HR communicates policy to employees by detailing the objectives of the new policy along with criteria for eligibility (Herrity. 2022). Empowering training sessions are a tool to help employees visualise themselves in the bonus pool once they learn how their performance is eligible. Involvement of Line Manager In this stage, the direct managers are charged with the successful implement...

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