5RMT Reward Management Summative Assessment Written Report

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Question:

Assessment quick/pastime
Using your personal agency (or one with that you are familiar), look at the praise environment and bring a written file in that you:
1. Assess the context of the praise surroundings and the key views that tell praise selections. In this section you have to:
 Use the right evaluation device to perceive the internal and external factors.
 Analyse the unique impact of commercial enterprise drivers and related elements on praise
choices.
 Give examples of various ways of amassing and providing praise
intelligence.
2. Demonstrate your know-how of key praise principles and the implementation of reward rules and practices. In this segment you ought to:
 Evaluate the principle of general rewards and its significance to praise strategy.
 Identify and provide an explanation for the importance of fairness, fairness, consistency and
transparency in phrases of the way they must underpin reward rules and
practices. You can also illustrate your know-how of those key ideas with the aid of
referring to topical reward topics.
 Assess the contribution of each extrinsic and intrinsic rewards to enhancing
employee contribution and sustained agency performance. Refer to
instructional research and the literature in this area and illustrate with examples
of precise exercise.
 Explain how reward coverage tasks and practices are carried out to your
chosen business enterprise.
Three. Demonstrate your information of the position of line managers in making praise choices.

In this section you should:
 Explain the diverse methods line managers contribute to reward decision-making.

Solution/Answer

Table of Contents

1.Zero Introduction. 3

2.0 Context Reward Environment and Key Perspectives Informing Reward Decisions. Three

2.1 External and Internal Environmental Analysis. 3

2.1.1 PESTEL Analysis. 4

2.1.2 SWOT evaluation. Five

2.2 Impact of enterprise drivers and associated factors on praise selections. 6

2.3 Gathering and Presenting Reward Intelligence. Eight

2.Three.1 Exit Interviews. Eight

2.Three.2 Retention Figures and Salary Surveys. 9

2.Three.Three Challenges in Recruitment and Attitude Surveys. Nine

3.0 Key Reward Principles and Implementation of Reward Policies and Practices. 9

three.1 Principle of Total Rewards and its Importance. Nine

3.2 Equity, Fairness, Consistency and Transparency in Underpinning Reward Policies and Practices. Eleven

3.3 Extrinsic And Intrinsic Rewards And Employee Contribution And Sustained Organization Performance 12

3.4 Reward Policy Initiatives and Practices Implementation in ADIA employer. 13

four.Zero Roles of Line Managers in Rewards Management. 13

References. 15

1.Zero Introduction
According to CIPD (2015a), rewards are the fantastic effects earned from suitable overall performance and aligned with set organizational goals. The praise is usually offered after successful attainment of a selected set intention of an agency. Further, CIPD (2015b), referred to that it’s miles a essential requirement for entities to generate strategic praise gadget for his or her personnel in addressing one-of-a-kind regions of focus. The regions encompass reimbursement, benefits, recognition, and sufficient appreciation. This report makes a speciality of the reward management, the relevance of reward intelligence, reward ideas and guidelines and practices implementation and roles of the road managers inside the choice making on rewards. To acquire the supposed document, aim, Abu Dhabi Investment Authority (ADIA) case study organization running as the supervisor of the UAE extra oil reserves has been followed because the case examine business enterprise. The preference of this company is informed approximately the function of the writer inside the company and its vast approach to overall performance praise control. The maximum common practices consist of special pay rise, non-consolidated pay rises, bonus awards and popularity and non-cash rewards. Part of this file will be the information of reward environment and vital views detailing on the selection of the reward decisions and ideas and subsequent implementation of the reward policies and practices. Lastly, an knowledge of the road managers roles in rewards decision making is evaluated.

2.0 Context Reward Environment and Key Perspectives Informing Reward Decisions
A rewarding environment is along with the activities concerned in designing and implementation of the praise regulations and practices to assist and boost the complete objectives of an organisation. The praise choices have to be aligned with the corporation performance targets and visible to the employee for this reason motivating them to excel of their distinctive performance areas and being rewarded. Cuevas‐Rodríguez et al. (2012) referenced to the organization idea and mentioned that there exists a right away linkage between the praise gadget for the overall performance as a tremendous fulfillment of set entity subculture and maximum extra special end result identified and next employee or employer management.

2.1 External and Internal Environmental Analysis
As referred to with the aid of CIPD (2016), the environmental analysis in the reward control areas is knowledgeable via the need of figuring out ADIA company strengths, weaknesses, winning possibilities and threats. The awareness is also consisting of assessment of the useful resource’s analysis via the organization. The inner evaluation of the surroundings adopts the SWOT evaluation with PESTEL tool used for external commercial enterprise analysis.

2.1.1 PESTEL Analysis
The cause of PESTEL device is studying and tracking the macro-environmental elements that affect employer operations (Yüksel, 2012). As such, the external analysis effects are adopted for figuring out the threats and weaknesses inside the SWOT evaluation.

Political/Legal Factors– UAE is comprised of various Emirates with wonderful government operations and as such particular guidelines o the worker reward system. For example, the tax comfort application in Abu Dhabi where ADIA operates is precise from that of Dubai. As such, the ADIA company demands all their personnel to possess character (stakeholder pension) or as a substitute have a central authority-subsidized program or specialists’ companies.

Economic Factors– UAE has a high GDP degree which activates the UAE government introducing a administrative center pension scheme. In Abu Dhabi wherein ADIA operates, this has been implemented in the shape of bonus and pay rises. Also, the low stages of unemployment and high volume of globalization ensures that most of the people of the UAE citizens are exposed directly to activities of gaining from the special rewards supplied through the man or woman agencies.

Environmental Factors– there may be a kitty for corporate social obligation that’s utilized in improving sustainable exercise and selling active cooperation of the involved organizations with their inner gamers. As a policy in UAE, the PAYE fee paid by using the corporation to the government has drastically been decreased with employees being lowly taxed.

Technological elements: The increased ranges of globalization and younger populace activate adoption of new strategies to attracting this organization to the organization. For example, in ADIA, they have delivered the Kiddie Vouchers that’s integrated into the technology and used to deal with the social and financial issues that affect their operations. This is a strategic association that is set as a form of reward for helping the younger employees in saving for their destiny families online. A summary of the PESTEL evaluation is as proven in desk 1;

Table 1: External Environment PESTEL Analysis

2.1.2 SWOT evaluation
From a wellknown factor of view, a praise software is supposed to be aligned with the need to capitalize and sustain the strengths of an business enterprise. This is the case in ADIA where the strengths include the employee competencies, talents, and expected performance effects. Hence, the reward system used is conversant with the need for teamwork as an instrumental component for achievement (Brown & Harvey, 2011). In any instance that the groups perform efficaciously, rewards are offered to foster the level of cooperation and improve exercise. The weaknesses encompass the self-defeating policy and geopolitical disturbances. The consequence of that is the praise software being ……………………………………………………………………………………………………………………………………………………………..Please touch us to get hold of guidance, guide and educational services on this evaluation in complete based totally on your organisation historical past and stage of expectancies