Evaluate the principle of total rewards and its importance to reward strategy.
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Summative Assignment for Reward Management (5RMT/06)
1. Understand the business context of reward and the use of reward intelligence.
2. Understand key reward principles and the implementation of policies and practices.
3. Understand the role of line managers in making reward decisions. Assessment Brief Using your own organisation (or one with which you are familiar), investigate the reward environment and produce a written report in which you:
1. Assess the context of the reward environment and the key perspectives that inform reward decisions.
In this section you should:
o Use an appropriate analysis tool to identify the internal and external factors.
o Analyse the particular impact of business drivers and related factors on reward decisions.
o Give examples of different ways of gathering and presenting reward intelligence.
Assessment Criteria 1.1, 1.2 2.
Demonstrate your understanding of key reward principles and the implementation of reward policies and practices. In this section you should:
o Evaluate the principle of total rewards and its importance to reward strategy.
o Identify and explain the importance of equity, fairness, consistency and transparency in terms of how they should underpin reward policies and practices. You may illustrate your understanding of these key principles by referring to topical reward matters.
o Assess the contribution of both extrinsic and intrinsic rewards to improving employee contribution and sustained organisation performance. Refer to academic research and the literature in this area and illustrate with examples of good practice.Explain how reward policy initiatives and practices are implemented in your chosen organisation.
Assessment Criteria 2.1, 2.2, 2.3, 3.2 3.
Demonstrate your understanding of the role of line managers in making reward decisions. In this section you should: o Explain the various ways line managers contribute to reward decision-making.