CIPD level 5 assignment.
It is really essential for a CIPD level 5 aspirant of diploma in people management to understand all key practices in reward systems by performance and contribution of the employees. In an organization the reward system helps in increasing the performance, and it also helps in building employee relationships. So to increase organizational growth and create better working lives it is important to learn the practice of appreciation.
This module helps in examining the external and internal factors that influence the reward policies and strategies. Basically there are five learning outcomes that help students to learn the evaluation methods of reward systems, which are:
· Policies and practices to implement reward system.
· The influence of people performance on approaches to reward.
· Ways of gathering data.
· The impact of legislative requirements on reward practices.
· Role of people practices in reward judgments.
Here we have designed a sample of CIPD 5HR03 Reward for performance & contribution assignment in UK, USA and KSA, which help you to write your own CIPD level 5 5HR03 assignment.
Report – Questions
| (AC1.1) Explain the principles of reward and its importance to organisational culture and performance management. Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section. Word count: Approximately 400 words |
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| (AC1.2) Assess the contribution of extrinsic and intrinsic rewards to improving employee contribution and sustained organisational performance. Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section. Word count: Approximately 400 words |
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| (AC2.1) Explain differences between types of grade and pay structures. Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section. Word count: Approximately 400 words |
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| (AC2.2) Explain how contingent rewards can impact individual, team and organisational performance. Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section. Word count: Approximately 400 words |
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| (AC2.3) Explain the merits of different types of benefits offered by organisations. Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section. Word count: Approximately 400 words |
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| (AC2.4) Explain the merits of different types of recognition schemes offered by organisations. Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section. Word count: Approximately 400 words |
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| (AC3.1) Assess the business context of the reward environment. Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section. Word count: Approximately 400 words |
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| (AC3.2) Evaluate the most appropriate ways in which benchmarking data can be gathered and measured to develop insight. Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section. Word count: Approximately 400 words |
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| (AC3.3) Explain approaches to job evaluation. Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section. Word count: Approximately 350 words |
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| (AC3.4) Explain the legislative requirements that impact reward practice. Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section. Word count: Approximately 350 words |
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Table of Contents:
1) Assignment Sample of CIPD Level 5HR03 Activity: Get proper understanding the impact of approaches, packages and rewards.
· 1.1 Explain in the light of organizational culture and performance management the principle of reward and its importance.
· 1.2 How policy initiatives and practices are implemented?
· 1.3 Define how organizational performance and people performance make their impact on reward.
· 1.4 Describe the contribution of intrinsic reward and extrinsic reward to improve reward in improving contributing and performance.
2) CIPD Level 5HR03 Assignment Task: Should be able to create insight benchmarking data to inform reward approaches.
· 2.1 Define reward environment in business context.
· 2.2 Based on insight define organizational reward packages and performance.
· 2.3 Define the impact of legislative requirements on reward practice.
3) 5HR03 CIPD Learning Outcome: Define the role of people professionals in making reward decisions and supporting line managers.
· 3.1 Define different approaches of performance management.
· 3.2 Define the role of people practice in supporting consistent and appropriate reward judgements.
· 3.3 Describe how reward judgements based on organisational approaches are made by line managers.
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1) Assignment Sample of CIPD Level 5HR03 Activity: Get proper understanding the impact of approaches, packages and rewards.
1.1 Explain in the light of organizational culture and performance management the principle of reward and its importance.
It was recognized by organizations long time ago that that by rewarding they can influence the employees to work better and better. By rewards employees get a motivation to work harder and better so that next time they can achieve a higher reward. By working hard they can have higher and higher amount of intensive.
There are multiple types of reward system, some them are as follows:
· Financial rewards.
· Non-financial rewards.
· Intangible rewards.
1.2 How policy initiatives and practices are implemented?
It is difficult to navigate a proposed policy to operational initiative. There are multiple factors and political laws that need to be taken into account in order to implement a policy successfully. This process is dependent on number of government officials. State and federal level government have different laws.
There are normally three steps to implement a policy such as:
· Ideation.
· Enactment.
· Enforcement.
1.3 Define how organizational performance and people performance make their impact on reward.
There are various ways in which people and organizational performance have an impact to approach different rewards. If we talk about reward, it totally depends on the types of organization. Some of them are mentioned as
· Service based organization have different rewards than a manufacturing organization.
· The size of the organization can also play a role. A small company is likely to have a more informal approach to rewards, while a large company is likely to have a more formalized system.
· The nature of the work can also impact the approach to rewards.
· The level of competition in the industry can also be a factor.
· The overall performance of the organization can impact the approach to rewards.
1.4 Describe the contribution of intrinsic reward and extrinsic reward to improve reward in improving contributing and performance.
There can be no doubt that both extrinsic and intrinsic rewards plays very important a role in improving the contribution of employees and sustain organisational performance. However, it is up to the people professional that which one is better for an organization.
· Extrinsic rewards.
· Intrinsic rewards.
Extrinsic rewards (such as bonus or money) can provide a strong incentive for employees to increase their performance.
Intrinsic rewards (such as empowerment or recognition) can also be extremely motivating for employees.
2) CIPD Level 5HR03 Assignment Task: Should be able to create insight benchmarking data to inform reward approaches.
2.1 Define reward environment in business context.
The business context of the reward environment can be explained as how well the organization understands that what motivates their employees and which type of reward will be suitable to award them. Some organizations offer financial reward and some offer non-financial awards but in both case they are not fixed. Rewards are always variable and they changes from person to person according to their work. It is up to the people professional to decide which type of reward strategy will be suitable for an organization that will be helpful for it and will effect in betterment of the company.
2.2 Based on insight define organizational reward packages and performance.
It is really important to gather benchmark data, by this data you can develop insights. Once insight is developed, organizations can use them to develop organisational reward packages and approaches.
· Tailor rewards to the individual employee.
· Be creative with rewards.
· Consider using non-financial rewards.
· Make sure rewards are genuine and meaningful.
· Keep up with the latest research.
2.3 Define the impact of legislative requirements on reward practice.
Each country have different types of legislative requirements, as an organization it is important to meet all these legislations. If we specifically talk about UK the following requirements impacts the reward practice.
· The Equality Act 2010.
· The National Minimum Wage Act 1998.
· The Employment Rights Act 1996.
· The Pensions Act 2008.
· The Income Tax (Earnings and Pensions) Act 2003.
3) 5HR03 CIPD Learning Outcome: Define the role of people professionals in making reward decisions and supporting line managers.
3.1 Define different approaches of performance management.
There are a multiple approaches to performance management, each of these approaches have their own advantages and disadvantages. Few of the commonly used approaches are mentioned as follows: each with its own advantages and disadvantages. The most common approaches are annual
· Reviews
· Ongoing feedback
· 360-degree feedback.
3.2 Define the role of people practice in supporting consistent and appropriate reward judgements.
It is a very important role of people professionals People to support line managers in making consistent and appropriate reward judgements. This role can be fulfilled by providing guidance to line managers in the best possible approaches which are effective in the organization. They will have to provide trainings to line managers to handle different approaches and how to give feedbacks according to them.
People professionals can also be helpful in creating a tracking and monitoring system, which will monitor all the data to identify patterns and trends. This will also be helpful for line managers to manage their lines appropriately.
3.3 Describe how reward judgements based on organisational approaches are made by line managers.
As different types of organizations used different approaches to award their employees, that’s why the reward system is complicated. Even though it is difficult to manage but there are some common organizational reward approaches, which are as follows:
· Performance-based pay
· Merit-based pay
· Thinking about rewards in terms of both tangible and intangible benefits.
The role of Line managers are very significant in determine the reward distribution in an organization. They often ones to call that who deserves the reward and on which basis.
Rewarding of any type can be a very difficult task when there are limited resources available, but no matter what the approach that an organisation takes should be aligned with its core values and goals.
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