Evaluate the Principles of Reward and its Importance to Organisational Culture and Performance Management. (5hr03 ac 1.1) The principles of reward are fundamental to fostering a positive organizational culture and enhancing performance management. These principles can be broadly categorized into intrinsic and extrinsic rewards. Intrinsic rewards are internal, psychological rewards such as personal achievement, professional […]

Assess the Business Context of the Reward Environment. (5hr03 ac 2.1) The business context of the reward environment is a multifaceted domain influenced by various internal and external factors that collectively determine how organizations structure their compensation and benefits. Internal Factors: Psychological Contract: This refers to the unwritten set of expectations between the employer and employees. […]

Explain how Organisations use Insight to Develop Reward Packages and Approaches (5hr03 AC 2.3) Organisations utilize insights to develop comprehensive reward packages and approaches that align with their strategic goals and meet the expectations of their employees. Employee Pay Grades and Pay Structures: organisations establish pay grades and structures to ensure fair and competitive compensation. […]

Develop Organisational Reward Packages and Approaches Based on Insight. organisationalreward packages and approaches are essential components of a successful human resource strategy. A well-designed reward system can help attract, motivate, and retain talent, ultimately contributing to the  organisation’s success. Research provides valuable insights that can guide the development of effective reward packages and approaches. There […]

5HR03  Reward for Performance and Contribution   Case study   Leia Technologies was formed in 2017 and employs 75 people. Recently the company has launched its new app “Money4Future” and provides saving and investment products including Lifetime ISAs, pensions and saving accounts. After a hectic start up, the company’s HR team is now able to […]