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1.1 Assess the context of the reward environment and key perspectives that inform reward decisions.

5RMT Reward Management 

LO1:  Understand the business context of reward and the use of reward intelligence its contribution to achieving business outcomes.

1.1 Assess the context of the reward environment and key perspectives that inform reward decisions.

 

1.2 Explain the most appropriate ways in which reward intelligence can be gathered and presented.

 

LO2:  Understand key reward principles and the implementation of policies and practices.

2.1 Evaluate the principle of total rewards and its importance to reward strategy.

 

2.2 Explain the significance of equity, fairness, consistency and transparency as they affect reward policies and practices.

 

2.3 Explain how policy initiatives and practices are implemented.

 

LO3: Understand the role of line managers in making reward decisions

3.1 Explain the various ways in which line managers contribute to reward decision making.

 

3.2 Assess the contribution of extrinsic and intrinsic rewards to improving employee contribution and sustained organisation performance.

 

Assessment brief/activity: 5RMT Reward Management 

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:

  • Use an appropriate analysis tool to identify the internal and external factors.
  • Analyse the particular impact of business drivers and related factors on reward decisions.
  • Give examples of different ways of gathering and presenting reward intelligence.

2. Demonstrate your understanding of key reward principles and the implementation of reward policies and practices. In this section you should:

  • Evaluate the principle of total rewards and its importance to reward strategy.
  • 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.
  • 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.

Demonstrate your understanding of the role of line managers in making reward decisions.

In this section you should:

Explain the various ways line managers contribute to reward decision-making.

5RMT Reward Management 

Assessment activity

Total Reward at Baker’s Department Store – written briefing paper

This written briefing paper will allow you to demonstrate all the assessment criteria for RMT.  Your word count is 2600 words (+/- 10%).  You must submit your work on the document RMT assessment template. Your briefing paper should include a list of cited references along with a bibliography of sources consulted but not specifically mentioned.  All the grey highlighted words in your template are excluded from your word count as are your references and bibliography.

Baker’s Department Store needs a comprehensive review of its reward policies and practices, and the Board of Directors want to know how the company should move forward with a more strategic approach to managing pay and reward.

You are required to produce a briefing paper for the Board.  You must review current reward management practices at Baker’s Department Store, and suggest a new approach for the organisation, based on principles of total reward.   Remember, you must give sound reasons to justify your ideas and suggestions and include a summary of your recommendations for the Board to consider. 1.1 Assess the context of the reward environment and key perspectives that inform reward decisions.

Your briefing paper needs to respond to the following:

Strategic analysis

Using an appropriate analysis tool assess the internal and external factors that may impact Baker’s Department Store’s approach to reward now and in the future.  (1.1)

Reward intelligence

Explain and evaluate different forms of reward intelligence which Baker’s could source, and how intelligence can be used.  In doing this you should:

  • Identify different types of reward intelligence.
  • Evaluate different ways reward intelligence is gathered and presented.
  • Explain the use of reward intelligence in making decisions about reward.  (1.2)

Total reward

Explain, in your view, the top priorities for Baker’s Department Store in terms of its approach to rewarding its employees and how these could be delivered using a total reward approach. Be sure to explain what is meant by total reward and the (referenced) benefits Baker’s Department Store can expect to see if they implement it, include an overview of the considerations they should give when implementing a total reward approach. (2.1) (2.3)

Equity and fairness of reward policies and practices

A discussion of the importance of equity, fairness, consistency and transparency in terms of rewarding employees, and what could be put in place to ensure that good practice is followed. (2.2)

Line managers and their contribution to reward

Identify the ways managers contribute to reward decisions and the implications of this.  Show how HR can support managers to reduce any identified risks in this area.  Be sure to reference best practice approaches, ensuring your findings are informed by up to date research. (3.1)

Organisational performance and the link to reward

Assess the contribution of both extrinsic and intrinsic rewards to improving employee contribution and sustained organisation performance. Refer to academic research and literature here and illustrate your findings with examples of good practice. (3.2)

Recommendations

Include a summary of your recommendations for the Board to consider. (3.2)

Before submitting have you:

  • Responded to the brief in full?
  • Used the correct template as stated?
  • Clearly referenced anyone else’s work from websites, books, etc.? You can refer to IAG within your induction module for guidance on referencing. (this is not included in your word count)
  • Produced a piece of work with correct spelling and grammar and in the context of the brief?
  • Checked your word count and stated this at the top of your briefing paper. 1.1 Assess the context of the reward environment and key perspectives that inform reward decisions.

Please note:

  • You can base this on your own organisation rather than Baker’s Department Store if you prefer.
  • Remember references to back up your findings are expected.
  • There are a lot of elements to include in this assessment, so be sure to check you have provided evidence for all the assessment criteria before you finalise your work.

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