New Brief 5HR03 Assignment Example 2024

5HR03 Assignment Example 2024

Reward for Performance and Contribution- The Case Study of GreenFriendlyEco

INTRODUCTION

Reward management refers to the strategies, policies, and practices used to ensure that people’s value, measured in terms of their contribution to the organisation, receives fair and consistent compensation (CIPD, 2023). High workforce turnover and a negative organisational culture indicate that GreenFriendlyEco’s existing reward strategy is insufficient in satisfying employee needs and promoting desirable performance. This report outlines reward systems the company can apply to promote a positive culture, higher employee performance and engagement. By adopting the principles of modern reward management, GreenFriendlyEco is better positioned to design a strategy that aligns with its organisational values and market position. This would not only enhance motivation and retention but also foster a stronger psychological contract, creating the conditions for long-term cultural and performance improvements.

New Brief 5HR03 Assignment Task – Questions

New Brief 5HR03 Assignment Answers, knowledge and understanding will be assessed through written responses to the following questions.

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

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

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

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

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

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

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)

Explain approaches to job evaluation. (AC 3.3)

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