5HR03 Assignment Example: Reward For Performance And Contribution, CIPD Level 5

Published: 04 Dec, 2024

Course Name	The Chartered Institute of Personnel and Development (CIPD)	Unit Code	5HR03
CIPD Level	CIPD level 5 Associate Diploma in People Management	Unit Title	Reward For Performance And Contribution

About This Unit

In 5HR03 Reward for Performance and Contribution, the role of internal and external business factors on reward strategies and policies, the link between the finances of the organisation and rewards, and the cost and rewards of performance are discussed. This unit will make you understand everything about the rewards, including the benefits that organisations will gain from the rewards system.

What you will learn

Here in 5HR03, you will be learning about the role of internal and external business factors on reward strategies and policies, the link between the finances of the organisation and rewards, and the cost and rewards of performance are discussed. 5HR03 will make you understand everything about the rewards, including the benefits that organisations will gain from the rewards system. You will discover the concept of reward, why it is central to the culture and performance management agenda, and how it is put into practice. You will discuss contingent rewards: their effect on individual, team, and organisation performance; and various types of benefits and recognition programs provided by the organisation. You will assess how the data can best be collected and quantified, to generate insight from benchmarking data. Moreover, you will describe measures and legislations that affect reward practice.

We cover all learning outcomes and Assessment Criteria of this unit of CIPD level 5

5HR03 Assignment Task 1: Understand the impact of reward approaches and packages.
1.1. Explain the principles of reward and their importance to organisational culture and performance management
1.2 Assess the contribution of extrinsic and intrinsic rewards to improving employee contribution and sustained organisational performance

5HR03 Assignment Task 2: Understand the importance of different components of reward.. 3
2.1. Explain the differences between types of grade and pay structures
2.2. Explain how contingent rewards can impact individual, team, and organisational performance
2.3. Explain the merits of different types of benefits offered by organisations.
2.4. Explain the merits of different types of recognition schemes offered by organisations

5HR03 Assignment Task 3: Understand how to develop insight from benchmarking data to inform reward approaches
3.1. Assess the business context of the reward environment.
3.2. Evaluate the most appropriate ways in which benchmarking data can be gathered and measured to develop insight
3.3. Explain approaches to job evaluation.
3.4. Explain the legislative requirements that impact reward practice.

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