CIPD Level 7HR03 Example

Strategic reward management can be defined as the process or way of designing administering rewards in such a way which is supportive to organization’s strategic objectives. It can involve any type of rewards to employees for employee recognition programs, but one thing you should keep in mind is that it should aligned with your company’s values and goals.

It can be considered as one of the most important aspects of any company. Because if employees are left unrewarded, they will look for other opportunities. If we talk about other scenario then employees will feel appreciated and will be more productive.

The following sample will give you the brief idea of the assignment specially if you are from UK, USA and KSA:

Table of Contents:

1) Solution of CIPD 7HR03 Assignment Task: Get proper Understanding about the policy framework and effective reward strategies.

·  1.1 define the key importance of aligning the reward framework to organization’s strategy and context.

·  1.2 Describe the main methodologies used to gather data by the organizations and the value of reward benchmarking exercises.

·  1.3 To motivate, attract, retain talent, evaluate the impact of organisational reward strategies.

2) CIPD 7HR03 Assignment Activity: Determine the value of ‘total rewards’ approach.

·  2.1 Including monetary and non-monetary incentives, evaluate the significance of a total rewards approach.

·  2.2 Describe employee benefits and their suitability’s in organisational contexts.

·  2.3 Define the significance of nonfinancial reward system in overall reward activity.

3) 7HR03 Task 3 CIPD Level: To establish pay levels describe the pay approaches and structure.

·  3.1 According to organizational context, describe pay structure and their suitability.

·  3.2 List the advantages and disadvantages of using incremental pay scales to organizations.

4) 7HR03 Learning Outcome: Define the importance of organisational approaches in case of ethical reward practices and complains.

·  4.1 Discuss legal requirement for pay and reward implications of noncompliance.

·  4.2 Evaluate role job evaluation in formulating reward decisions.

5) We provide CIPD level 7 assignments in highly affordable price.

1) Solution of CIPD 7HR03 Assignment Task: Get proper Understanding about the policy framework and effective reward strategies.

1.1 define the key importance of aligning the reward framework to organization’s strategy and context.

To make sure that employees are properly rewarded to organization’s success, it is important to align the reward framework with organizational strategies and wider organizational context. If they are not aligned with organizational goals, then the employees may become disillusioned and become frustrated and will eventually lose their interest which will result in a disaster.

Moreover, if the rewarding framework is not aligned with organizational context, then effectively measure employee performance also become so difficult that it is next to impossible, it is also difficult to measure that who is the rewarding employee and should get the reward. This could ultimately hinder the organizational objectives by creating a breeze of frustration and disturbance among them.

1.2 Describe the main methodologies used to gather data by the organizations and the value of reward benchmarking exercises.

In terms of wages and salary levels, organisations use benchmarking as a means of understanding their position in this manner comparing to other countries. It is so that they can set their rewarding criteria. They mainly gather their data by internationally published data such as, Annual Survey of Hours and Earnings (ASHE).

They mainly use benchmarking as a means to understand their relations with other industries in this regard. The methodologies for concluding and gaining the data on overall reward strategies are experts in the field, surveys and interviews.

1.3 To motivate, attract, retain talent, evaluate the impact of organisational reward strategies.

Reward strategies initially plays a very important role in motivating, attracting and retaining talent. It is important that employers identify the needs of their employees and offer multiple rewards to create and maintain a healthy work environment. The strategies which are tailored to workforce and specific needs of the organizations are the most effective once.

If we talk about organizational culture, there are some important factors to consider while designing an effective reward strategy. There are multiple types of rewards that can be offered, which are financial and non-financial, so it is important to consider them all. Non-financial rewards can be company vehicles, flexible working hours etc. whereas financial rewards include things like salaries and bonuses.

Effective reward strategies can be those that have unique needs of the organisation and its employees. By continuously rewarding relevant and achievable rewards to employees make them create a work environment that is enjoyable and motivating to all.

2) CIPD 7HR03 Assignment Activity: Determine the value of ‘total rewards’ approach.

2.1 Including monetary and non-monetary incentives, evaluate the significance of a total rewards approach.

The reward systems are very important for an organization to achieve success. They are the only effective means by which employees can be motivated towards organizational gal. If we talk about reward systems, a well-designed one will always take into account the needs of both individual employees and the organization itself.

The organizations mainly offers two types of rewards:

·  Monetary: Monetary incentives include things like salary, bonuses, and commissions.

·  Non-monetary incentives: Non-monetary incentives may include things like recognition, privileges, or additional vacation time.

The total rewards approach is also considered as a comprehensive way of looking at employee motivation. It mainly contains all the different types of rewards that an organization can offer. These approaches. It makes sure that employees don’t only focus on one but they focus on all types of rewarding criteria.

2.2 Describe employee benefits and their suitability’s in organisational contexts.

Organization offers variety of employee benefits, and each one of them has their own pros and cons. The most common one is paid leave that is university practice by around 80% of the organizations. Whereas non-common ones are stock options or company cars, that are limited to specific type of in industries or types of businesses.

To decide which type of benefits to offer totally depends on the preferences of employees and needs of organizations. The Paid leave is more common and affordable as they are inexpensive and easy to track but multinational organizations prefer benefits that are more tailored to their specific industry or business. More or less the choice of employee benefits will always depends on the needs of your industry.

2.3 Define the significance of nonfinancial reward system in overall reward activity.

The total rewards approach to benefit, compensate and recognise employees also make sure that employees are attracted to a particular organization for variety of reasons, not just financial.

Rewards like job security, recognition for a job well done, growth, development and balanced work life falls in the category of non-financial awards. These rewards can be retaining and attracting new talent only when they are aligned with the organization.

The whole discussion doesn’t means that nonfinancial rewards are not important. They are important as they help employees at all level to feel connected with their work and organization. Employees are more likely to be satisfied and productive in their jobs when they feel engaged and connected.

3) 7HR03 Task 3 CIPD Level: To establish pay levels describe the pay approaches and structure.

3.1 According to organizational context, describe pay structure and their suitability.

The way that organizations analyse, what to pay to an employee is called Pay structures, they are the framework of an organisations paying criteria. There are multiple types of pay structure and it totally depends on the values of an organization that what type they are using, and will best suit them.

While considering a type you should know about them properly as each one of them has their own pros and cons. They are mentioned below:

·  A graded pay structure.

·  An ungraded pay.

·  A spot rate pay.

·  A pay band.

3.2 List the advantages and disadvantages of using incremental pay scales to organizations.

Advantages to use Incremental Pay Scales:

·  More motivating than a flat salary.

·  Can act as a retention tool.

·  Reflects an employee’s increasing experience.

·  Encourages employees to stay with the company.

·  Reflects value to the organisation.

Disadvantages to use Incremental Pay Scales:

·  Can be inflexible.

·  May not reflect an employee’s true worth.

·  Start dates are on different pay levels.

·  Can encourage job hopping.

·  Can be seen as unfair.

·  Experience do not match up.

4) 7HR03 Learning Outcome: Define the importance of organisational approaches in case of ethical reward practices and complains.

4.1 Discuss legal requirement for pay and reward implications of noncompliance.

It is very important for each organization to make sure that their reward system and pay scale is compliant with relevant employment laws. If it is left non-compliant, it will eventually result in significant financial penalties and reputational damage. In addition, it can also lead to employee unrest and industrial action.

The key legal requirements relating to pay and reward include:

·  The National Minimum Wage Act 1998.

·  The Working Time Regulations 1998.

·  The Equality Act 2010.

·  The Employment Rights Act 1996.

Organisations must not fail to comply with these.

4.2 Evaluate role job evaluation in formulating reward decisions.

There are plenty of different methods for job evaluation.

The most common approaches are:

·  Ranking method.

·  Job classification.

The important thing to remember when evaluating jobs is that the process should be error free, impartial and fair. sIt is very important to make sure that all the jobs are allotted at same criterion level, and that employees are not given preferential treatment.

5) We provide CIPD level 7 assignments in highly affordable price

If you are looking to get CIPD help online than CIPD writers is the right site for you. CIPD writers is especially designed to provide expert help to CIPD aspirants from UK, USA and KSA. We have expert writers who are especially trained to meet each and every criteria of CIPD diploma.

At CIPD writers we provide high quality CIPD assignments to help you get high grades in your diploma CIPD Level 7HR03 Strategic Reward Management Assignment can be done by our expert writers in a very effective way that will meet all the criteria of CIPD diploma. So get your CIPD level 7 assignment done today. Order now your assignment at our order now page and get high discount.