Assess different approaches to performance management. (5HR03 A.C 3.1) Performance management is the process through which an organisation appraises, develops, and improves employees in accordance with organisational goals and creates a continual learning culture. There are several approaches toward performance management, each of them having its own methods and instruments. The paper will review three […]

Evaluate the most appropriate ways in which benchmarking data can be gathered and measured to develop insight. (5HR03 ac 2.2) Benchmarking is the process worthy of comparing performances against industry standards, competitors, or internal benchmarks so that their performance and areas of improvement can be gauged. Here are some appropriate ways for gathering and measuring […]

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. […]

Differentiate between employee involvement and employee participation and how it builds relationships. (ac 1.2)   Employee involvement and employee participation are two distinct approaches to engaging employees in the workplace, each with its own depth and impact on decision-making processes. Employee Involvement is a management philosophy that emphasizes the importance of employees being involved in […]

Review the role of people practice in supporting line managers to make consistent and appropriate reward judgements (A.C 3.2)   People professionals play a pivotal role in supporting line managers to make consistent and appropriate reward judgments. This support is multifaceted, encompassing compliance with legislation, ensuring equity and fairness, and fostering a culture of recognition […]

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 […]