5HR03: Reward for
performance and
contribution
[Type the document subtitle]
1
Table of Contents
Task One.....................................................................................................................................................3
AC (1.1)...................................................................................................................................................3
Speaking Notes........................................................................................................................................3
AC (1.1)...................................................................................................................................................4
Speaking Notes........................................................................................................................................4
AC (1.2)...................................................................................................................................................5
Speaking Notes........................................................................................................................................6
AC (1.3)...................................................................................................................................................7
Speaking Notes........................................................................................................................................8
AC (1.4)...................................................................................................................................................9
Speaker Notes..........................................................................................................................................9
AC (1.5).................................................................................................................................................10
Speaker Notes........................................................................................................................................11
AC (3.1).................................................................................................................................................12
Speaker Notes........................................................................................................................................12
Drawbacks.............................................................................................................................................13
Drawbacks.............................................................................................................................................13
AC (3.3).................................................................................................................................................14
Speaker Notes........................................................................................................................................14
AC (3.2).................................................................................................................................................15
Speaker Notes........................................................................................................................................15
Line managers.......................................................................................................................................15
TASK TWO..................................................................................................................................................17
AC 2.1........................................................................................................................................................17
AC 2.2........................................................................................................................................................18
The Unemployment Rate.......................................................................................................................19
Payroll data............................................................................................................................................19
AC 2.3........................................................................................................................................................20
Appropriate Reward Package................................................................................................................20
Job Evaluation.......................................................................................................................................21
AC 2.4........................................................................................................................................................21
References.................................................................................................................................................22
Task One
AC (1.1)
Speaking Notes
It's often held that a person's level of internal drive is a major factor in their productivity at work.
Workers may be rewarded in two ways: financially and emotionally. People with high levels of
intrinsic motivation have a strong drive toward professional growth and achievement. Rewards
like as salary, perks, advancement opportunities, and praise from superiors are examples of
extrinsic motivation (Fleurbaey, 2018). They are managed by a separate organization (usually
management). Extrinsic incentives, on the other hand, are those that come from doing one's job
well.
This type of incentive is also referred to as a "self-administered" reward since it is contingent on
the recipient completing the task at hand. Personal growth, independence, and the gratification of
a job well done are all examples of intrinsic rewards. Many companies utilize incentive
management systems as a tool for reaching their goals. Its common known that how much
money employees make has a significant impact on how much they get done for their employer.
Every company has an intended result from its activities, and these are its aims. If the company
wants to succeed in the years to come, it must implement pay programmes that are equitable,
aggressive, and alluring. That's why it's so important to give careful thought to designing
effective incentive programmes (Fleurbaey, 2018). Attracting, retaining, and motivating
personnel with the necessary competences to execute the business objective and handle higher
responsibilities is possible through the use of reward programmes, which are most effective
when they are closely tied to corporate objectives and employees have clear understanding of
what is expected of them in their respective positions. As a result, it is the responsibility of the
management of each particular company to identify and respond to the variables that inspire their
employees.
AC (1.1)
Speaking Notes
A reward might be monetary, nonmonetary, or useful. Comprehensive rewards strategy is
defined by the Society for Human Resource Management (SHRM) as a plan or procedure that
provides monetary, in-kind, and growth prizes to employees who achieve company goals. Pay
and benefits should be commensurate with the company's location, culture, and industry. As a
result, the firm is better able to provide salaries that are competitive in the industry. Total reward
is used as a tool by many companies as part of their compensation package. Many businesses
take into account the total employee experience when planning for staff recruitment, retention,
and engagement (Khern-am-nuai, 2018). The purpose of total reward is to strike a balance
between employee needs and those of the company. To attract, retain, and motivate top talent,
some companies use a multipronged compensation plan that includes innovative training
programmes, a range of work schedule options, and competitive wages and benefits.
To some extent, the reward method is influenced by the principles of reward. They provide
feedback on the proposed award, helping to ensure it is well received by the staff. In addition, the
incorporation of these ideas elevates the reward to a higher level.
AC (1.2)
Speaking Notes
In light of Home International's current goals of cost reduction, revenue growth, and employee
retention, the firm would be well served by enforcing the two policies concerning awards
outlined below (Khern-am-nuai, 2018).
1 - Explore possible career advancements.
2 - Establishing Reward and Motivation Structures
Policy Integration for Professional Development Home
International may put this plan into action by creating a structured mentorship programme. Start-
up difficulties can be mitigated by aggressively recruiting and engaging staff in a structured
workplace programme. The initiative will match mentors and mentees carefully so that they may
work together to reach common goals (Khern-am-nuai, 2018). Employees are more committed to
their personal success and the success of the firm as a whole when they feel their boss genuinely
cares about them as people and is eager to help them develop professionally. Career
advancement might be a raise in salary or position, new opportunities within the same industry,
or even a complete career change. If the implementation of career paths results in increased
employee engagement, job satisfaction, motivation, productivity, and openness to the company's
goals, the firm as a whole may see instant benefits.
Creating the Ideal Bonus Incentive and Reward System
Incentives, if used properly, have the potential to significantly boost workplace motivation and
output. To carry out this strategy, Home International will need to establish a programme
outlining the company's remuneration and benefits package to staff. The reward will be based on
measurable achievements, not opinions, and the corporation will build many stages during the
rollout to ensure that workers always have something to work for. Once that's done, the higher-
ups will craft a bonus structure that's equitable for all employees, with the goal of preventing any
friction between different divisions or occupational groups. It's crucial that employees at all
levels of the company may participate in the incentive programme (Khern-am-nuai, 2018), thus
it's prudent to set low bar(s) to admission. Last but not least, Home International must modify the
interval based on the status of the staff member. Bonuses should be distributed as follows: (1)
each time an entry-level worker is paid; (2) periodically to those in the middle; and (3) annually
to those at the top.
AC (1.3)
Speaking Notes
Performance can be measured in a variety of ways, including output, dependability, punctuality,
and physical presence. Because compensation is tied to output, the best employees receive the
highest wages. In the workplace, competitive programs have been shown to enhance productivity
by 27%, according to a meta-analysis (Marsh, 2018). Use both internal and external motivators.
Financial incentives such as salary increases and bonus payments may be available. For workers,
compensation is only part of the picture. There are many upsides to being promoted, including
having more responsibility and being able to make more decisions, opening doors to new career
opportunities, gaining more friends and feeling more included in your community, and feeling
like you've accomplished something worthwhile. The use of motivators has been shown to
increase output. Some companies' incentive programs do not work. Rewarding good
performance is a hallmark of effective systems (Marsh, 2018). Since there is a clear line of sight
between the starting point and the end product, performance problems are usually rather
straightforward to fix. Identifying societal transformations is more difficult than recognizing
individual accomplishments.
People who work for us would appreciate thoughtful incentives. Positively affects one's attitude.
As part of the system, employees are rewarded with a variety of perks and monetary payments,
such as salary increases, bonuses, company cars, perks, vacation benefits, well-furnished offices,
recognition, a sense of worth, health insurance, child care assistance, club access, independence
on the job, profit sharing, golden handshakes, plaques, and more. Workers are more motivated to
work hard when they are rewarded for their efforts (Marsh, 2018). Companies have the option of
paying above-average workers a higher base salary plus bonuses, or paying them a lower base
salary with no bonuses. Successful action increases productivity. The economy is bad for
business. A company's success depends on its ability to attract and retain skilled workers.
AC (1.4)
Speaker Notes
Performance-based compensation is a method of wage management in which an employee's
promotion in pay is contingent on their achievement of measurable, pre-established goals. With
the aid of goal setting, it may serve as a tool for raising output and productivity, with workers all
striving for the same thing: the highest possible pay raise. Setting objectives that are impossible
to reach might be counterproductive, though. The morale of the workforce might suffer if the
culture becomes more competitive (Marsh, 2018).
Perseverance in learning and completing challenging tasks, as well as employee engagement, are
all improved by the provision of opportunities for intrinsic incentives. In contrast, when workers
are motivated only by intrinsic factors, they ignore safety regulations in favor of working
tirelessly toward a goal that truly inspires them.
The study compares extrinsic and intrinsic motivation well. Money, bonuses, and promotions
motivate extrinsically. Job benefits include employment kind, degree of independence, position
clarity, and professional growth. Extrinsic rewards include incentives, promotions, job stability,
written contracts, compensation, benefits, and insurance. Public praise, professional happiness,
the chance to try something new, a kind and understanding employer, variation in one's work
environment, a sense of success, career progress, and particular acknowledgment are examples
of intrinsic (or psychological) advantages.
However, important professional talks and activities generate social benefits, including mutually
beneficial connections with supervisors, managers, and coworkers. He classified social
incentives like pleasant ties with peers and superiors to support this notion. Social incentives
create extrinsic and inner drive.
Sensory and social reinforcements can cause pleasure and happiness. Reward and success inspire
social animals and humans. Practitioners, researchers, and stakeholders in organization’s are
increasingly interested in incentive administration (that is the employer and the employees).
AC (1.5)
Speaker Notes
Financial salary raises, bonuses, and other monetary perks are examples of the extrinsic
incentives that may be given to employees. Since these factors are not internal to the process of
getting the job done and belong to the purview of other experts instead of the workers, we call
them extrinsic (Malik et al., 2019). When prompt engagement from the public is needed to
incorporate a change, extrinsic rewards are necessary. When it comes to encouraging workers to
improve their performance and showcase the value they provide to the company, extrinsic
rewards are often used as a first resort. However, if they aren't updated often, incentives of this
nature lose most of their effectiveness over time. For instance, it's been shown that employees
are less motivated when their compensation is boosted once a year and then not increased again
the following year. This suggests they might not result in a permanent boost in productivity
inside an organization. Instead than establishing a norm, extrinsic rewards help match behaviors
with cultural norms.
External interventions affect intrinsic motivation through two psychological mechanisms.
1. Autonomy loss. Extrinsic control replaces intrinsic drive when external factors constrain
choice. Rotter says that environmental care replaces individual care (1966). If they can retain
their inner drive, motivated performers may feel over justified.
2. Self-doubt. An intervention implying no motive rejects the actor's basic motivation.
Unappreciated victims devalue themselves. When rewarded or required, a genuinely
motivated individual loses the chance to show interest and participation. Self-esteem affects
effort.
Two psychological mechanisms cause the crowding-out effect:
First, government micromanagement demotivates people. Forced participation in
unenjoyable activities lowers intrinsic drive, agency, and self-worth.
External initiatives, if useful, overshadow individual motivation. That's a great method to
empower people.
AC (3.1)
Speaker Notes
The purpose of a performance review meeting is to formally analyse an employee's performance
on the job, including a discussion of their accomplishments and areas for improvement, as well
as the establishment of yearly objectives and constructive criticism. Meetings to discuss an
employee's performance are mutually beneficial, allowing both the company and the individual
to air their views. They help effectively determine the strengths and weaknesses of an
organization (Mihaela, 2020). Meetings for assessing performance, fostering growth, and
establishing individualized objectives for improvement are useful tools (Mihaela, 2020).
Drawbacks
Managers who are in charge of a large workforce may feel overwhelmed by the time
commitment and complexity of conducting performance reviews.
They rely on subjective judgment from humans, making them vulnerable to biases and
mistakes on the part of the raters.
If not executed properly, it might be a waste of time.
They may make life very difficult for everyone concerned.
Finally, performance appraisals are only as good as the performance management system it
operates within. Organizations that only do performance appraisals for the sake of doing them
are wasting their time.
360-degree feedback, on the other hand, is an employee assessment framework that may be
utilized for performance management in order to get insight into an employee's performance as
well as the perceptions of both external and internal stakeholders through the use of various
appraisal methods. Workers benefit from the system of 360-degree feedback, and the business
benefits by understanding how employees' deficiencies are hurting various operations. When
implemented properly, 360-degree feedback has been shown to assist line managers make more
informed compensation decisions, increase employee retention (the ultimate goal of Home
International), and reduce attrition.
Drawbacks
Only part of overall performance measurement system
Causes organisational issues if implemented hastily or incompletely
Can fail to add value if not effectively woven into existing performance plans
Prevents recipients from getting more information because the process is anonymous
Focuses on employee weaknesses and shortcomings instead of strengths
Provides feedback from inexperienced raters, and groups can "game" the process
AC (3.3)
Speaker Notes
There are a variety of organizational incentive techniques that managers may consider when
making compensation decisions. They can, for starters, participate in regular or yearly reviews,
where they can meet workers face-to-face and learn about their skills and evaluate how well they
are performing. In addition, they can use various performance evaluation-related resources and
technologies to collect information on staff members (Mihaela, 2020). Key performance
indicators, for instance, can be used to gauge workers' contributions to the achievement of set
targets.
They have access to additional resources, such as 360-degree feedback, which allows for a more
all-encompassing examination of staff performance. In order to make effective incentive
decisions, they can also provide regular feedback to workers. Supervisors have the added
responsibility of guiding their staff members and helping them set and achieve objectives. The
company's data and its strong contact with its employees allow it to accurately identify how to
reward its staff (Mihaela, 2020). Nonetheless, it's important for companies to maintain a reliable
connection with their line managers during this process since they have a more direct channel of
communication with their employees than upper-level executives.
AC (3.2)
Speaker Notes
It has been noted that it might be difficult for companies to effectively manage employee
compensation. Conventionally, they try to entice, keep, and inspire workers so that they can fulfil
their employers' needs. However, they can't accomplish this without input from the direct
supervisors who have firsthand knowledge of each worker's performance and potential (Venn,
2015). Line managers need help from HR experts in making fair decisions about bonuses and
other incentives if they are to achieve their goals.
Line managers
• Making possible and "bringing to life" HR, OD, and L&D procedures and policies.
• Learning solutions are made possible by this.
• Recognizing training requirements and incorporating training into operational processes.
• Maintaining order in the workplace through leading and directing employees.
• Working together with the people-side of business to facilitate transformation.
Better line management is correlated with a number of personal traits and abilities possessed by
line managers. It is not enough for firms to simply train their line managers in the appropriate
actions to take; they must also foster a culture in which such actions are rewarded and expected.
Our research, "Leadership: easier said than done," details the most significant challenges that
modern managers and leaders face in the workplace. As the role of L&D professionals expands
beyond course scheduling, they are increasingly being asked to address issues of cultural effect.
TASK TWO
AC 2.1
As the internet furniture market has grown, so have the standard norms of routinely offered
incentives. In order to attract and retain top talent in a competitive market, Home International
should consider these compensation principles as a starting point when designing pay packages
(Randerson, 2018). According to a recent article published on "The [Link]," businesses
are changing the way they advertise their compensation packages to attract and retain top talent.
Awareness of these tendencies is essential for linking the organization's strategy to its reward
system. According to the 2018 Trends study published by the Global Payroll Association (GPA),
reward strategies are increasingly being integrated into the overarching business strategy, with
key performance measures provided to show how the reward plan has contributed to better
business success (Passeri, 2014).
The following trends have also been noticed. Company policy shifts in the wake of the pandemic
likely slowed the rapid spread of IPRP programs in the private sector. Individual performance
linked pay refers to compensation that fluctuates dependent on the results achieved by a single
employee, group of employees, or entire organization (IPRP). For this reason, individual
performance reward programs (IPRP) are falling out of favor. IPRP has grown less desirable to
businesses in line with the broader trend in compensation plans. IPRP has either undergone
significant adjustments or lost its legitimacy, as has been the case with other notable incentive
methods (Passeri, 2014). As a result of the increasing economic and competitive challenges
under which many businesses operate, IPRP agreements are changing. Other strategies, such as
competency-based agreements or contribution-related pay, can also be used to establish
compensation.
Due to low inflation, IPRP compensation awards have been too small to motivate employees to
make substantial changes in how people work, hence non-consolidated performance linked
payments have gained appeal. Furthermore, IPRP agreements are evolving to incorporate labour
market comparisons when calculating pay levels in response to a scarcity of talented workers and
extremely high employee turnover (Passeri, 2014). In contrast to the practice of adapting pay
rates depending on market circumstances, IPRP was often introduced in the 1980s and 1990s
with a heavy emphasis on individual achievements and minimal concern for regional labour
market conditions or external compensation variations. Last but not least, broad bands have
grown in prominence as a way to add much-needed adaptability to many IPRP configurations.
Job family structures are becoming increasingly common and being introduced to broad banded
systems to offset the perception among some workers that broad band’s lack structure and offer
few prospects for progression (Passeri, 2014).
Employees might anticipate improved products and services from their companies as a result of
the influence of intrinsic incentives. Optimum amount is frequently guaranteed with the
introduction of extrinsic rewards. When everyone on staff shares in the spoils for reaching a
common goal, performance levels rise across the board. However, because of the healthy
competition for the numbers that this technique encourages, the quality has not increased
substantially. Thus, it may be best for Home International to combine the two types of incentives
that have been shown to provide greater results. Management must choose compensation plans
that are mutually beneficial to the business and its personnel. When successfully implemented,
the results will propel Home International's business to new heights and boost turnover rates.
AC 2.2
It is essential to conduct a comprehensive analysis of compensation plans in companies that are
competitive with your own when designing a compensation plan for your organization.
Businesses use reward benchmarking for a variety of reasons, including but not limited to the
following: monitoring salaries, easing the process of annual pay reviews, providing a foundation
for market-linked supplements, determining starting salaries for new hires, establishing pay
grades and ranges, determining bonus and commission policies and targets, and many others
(Murphy, 2015). Some of the many benefits of using pay benchmarks include the following:
Budget carefully, explain the reasoning behind pay decisions, ensuring that everyone is treated
equitably, and keep an eye out for market changes. Take care in setting and meeting the
expectations of your staff. Using market data, incentive decisions can be made more safely and
efficiently (Murphy, 2015). Employment and unemployment rates provide useful market
intelligence.
The Unemployment Rate
The unemployment rate is a primary indicator of how underutilized workers are in most
industrialized countries. The tightness or slackness of the labour market is reflected in the
unemployment rate, which can be used by businesses to track market movements. The tightness
or looseness of the market has a major impact on salary rates in a given industry, which in turn
helps with the development of a rewards system (Milbourn, 2006). In addition, we may learn a
lot about a country's economic health from its unemployment statistics. There is a strong
correlation between economic factors and the prosperity of businesses and the salaries of its
employees. Therefore, there is a plethora of information that can be applied to the creation of
incentive programs that may be derived from data on unemployment.
Drawbacks
There are various ripple effects of a high unemployment rate on the economy. People who are
unemployed are less likely to make purchases, may incur more debt, and may get more money
from local, state, and federal governments in the form of welfare and food stamps.
Payroll data
Many businesses can learn more about their employees' salaries and benefits packages thanks to
the information contained in payroll records. Furthermore, it compares the remuneration package
with what rival companies are giving for the same position (Milbourn, 2006). Having this data at
hand is crucial since it is used to determine typical salaries for various positions within an
organization. As was previously noted, reward benchmarking is vital in helping businesses
examine current salaries, understand the industry pay rate for new hires, establish compensation
ranges and slot rates within a grading structure, and finally, set bonus or commission policies and
targets. That's why it's important to have access to payroll data when deciding how much to offer
employees in terms of benefits (Milbourn, 2006). This is crucial for the smooth operation of any
organization. This information is useful for benchmarking compensation and benefits to
determine how they stack up to the market standard for your industry. Employees are
discouraged from leaving for other organizations that offer better pay and perks because to this
policy. It also helps businesses gauge how competitive they are within their own industry.
Drawbacks
Issues with data theft, loss, or security.
Protection from online scams and phishing.
The availability, veracity, and management of data
AC 2.3
An appropriate reward package supported with benchmarking data
A job evaluation scheme
The market rates relevant to the roles within Home International.
Appropriate Reward Package
In terms of attracting, retaining, and recruiting workers, the value of competitive pay and
benefits cannot be overstated. The options for taking into account and rewarding workers are
numerous (Heifets, 2018). The potential advantages and drawbacks of each choice are different.
Incentives that are both fair and consistent have been shown to be the most useful tool for
supporting strategic company planning. It has been noted that how workers react to a bonus
might vary depending on their personal situation and the kind of the reward. Management
structure and compensation are outlined. The United Kingdom features both financial incentives
and legal complications. Next, we'll look at why remuneration and other forms of incentivization
for staff members are so crucial(Heifets, 2018). The efficiency of both recognition and incentive
programs can be improved if the owner or management of the company can tell them apart.
Bonuses: The internet furniture market should have a complete payment structure that
includes bonuses like regular incentives, overtime pay, and various cash prizes, in addition to
the normal salary.
Personal Benefits: Personal benefits, such as a medical allowance and paid leave, contribute
to a positive work environment by acting as part of a comprehensive incentive system.
Identifying employee welfare programs as useful tools for encouraging a healthy work-life
balance among employees.
Improvements to the Open Door Policy: Offering a competitive and adaptable
compensation plan may do wonders for an employee's career. Doors attending professional
development activities, such as workshops to prepare for certificate programs, may help both
individuals and entire departments advance in their respective fields (Heifets, 2018).
Acknowledgments: Incentives such as monthly ambassador grants and office supplies. This
works wonderfully with the existing mechanism of management and pay to foster teamwork
and cooperation among agents.
Job Evaluation
A workflow planning system can assess group labor's worth.
Following a choice. Before starting, assess goals, risks, expenses, and scope.
Consultant-dependent company procedures can be patented.
Performance evaluation techniques should not be biased and should include important
components linked to the authority to deny equitable compensation demands(Heifets, 2018).
AC 2.4
A well-thought-out and reasonably priced compensation and benefits package can do wonders
for an organization's capacity to recruit and retain top talent, as well as to maintain employee
satisfaction and morale. All UK businesses are required by law to pay their employees at least
the national minimum wage and up to the national living wage. As a result, Home International
must take into account the National Minimum Wage or the National Living Wage when deciding
on a compensation plan for its employees (Griffeth, 2002).
Workers between the ages of 16 and 25 are required to receive the National Minimum Wage per
hour (NMW). Workers above the age of 25 are eligible to receive the National Living Wage.
Keep in mind that the NMW rate increases frequently every October and even tiny businesses
must comply (Amuso, 2020). In addition, apprentices have their own, separate minimum salary
that is not tied to their age. In addition to the statutory minimum wage, employers must
compensate workers in line with the conditions of their individual contracts(Amuso, 2020). The
Impact of Legislation regarding
The maximum number of hours you can work is 48 per week, spread out across 17 weeks. The
"working time directive" or "working time regulations" are alternative names for this statute. In
case you'd rather put in more time at the office, you may always skip the 48-hour work week. If
you are under the age of 18, you are only allowed to work 8 hours per day, and no more than 40
hours per week. Example: To ensure the well-being of employees across the European Union,
the Council of Europe enacted the European Working Time Directive. Work hours, paid time
off, sick days, and night shifts are just a few of the numerous topics covered in its various
regulations.
The Working Time Regulations, which were based on the Directive, were enacted in the United
Kingdom on October 1, 1998. This entails a binding obligation on the part of British workers to
adhere to their regulations.
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