5hr03 Assignment Example
Table of Contents
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 ().
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