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7RWM Reward Management: Summative Assessment (40572/35)

Level 7: Reward Management: Summative Assessment (40572/35) 7RWM

Reward Management is a CIPD module of level 7 possessing the module of 7RWM. The focus of this module is on aligning reward strategies with broader organisational goals, ensuring that reward management is not only fair and equitable but also drives business performance and employee engagement.

Key areas of study within this module include:

  1. Strategic Reward Management: This covers the development of reward systems that are integrated with the overall organisational strategy. Students explore how reward practices can be used to support the business in achieving its objectives, considering factors like market competitiveness and internal consistency.

  2. Total Reward Approach: Learners examine the concept of total reward, which includes both financial and non-financial elements of remuneration. This encourages a holistic view of how rewards—such as salary, benefits, work-life balance, and career development—can enhance employee satisfaction and performance.

  3. Performance and Pay: Understanding the relationship between performance management and pay structures is crucial. The module explores various pay-for-performance models, including merit pay, bonuses, and other incentive schemes, assessing their effectiveness in driving desired employee behaviours and outcomes.

  4. Legal and Ethical Considerations: The module addresses the legal frameworks surrounding reward, including equality, transparency, and fairness in pay. Ethical considerations are also critical, especially in ensuring that reward practices do not inadvertently lead to discrimination or inequality within the workplace.

  5. Job Evaluation and Market Pricing: Students gain insight into how job roles are evaluated and priced within the labour market. This involves assessing job value both internally (within the organisation) and externally (against market benchmarks), to ensure competitive and fair pay structures.

  6. Employee Benefits and Wellbeing: A significant aspect of reward management includes non-cash benefits such as healthcare, pensions, and flexible working arrangements. The module explores how these benefits can support employee wellbeing, loyalty, and productivity.

Through the study of this module, students develop the skills to critically evaluate reward strategies, design effective reward systems, and ensure compliance with legislation, all while promoting fairness and motivating high performance in the workplace.

Aims and objectives of Reward Management 7RWM:

This CIPD module critically explores whole rewards in both internal and external contexts and presents learners with the understanding and knowledge of the context in which reward professional plan, apply, and assess employee reward policies to support strategic organisational outcomes. It examines both conceptual and normative methods of the diverse ways to reward management and develops learners’ ability to reflect on the adequacy and constraints on these methods in encouraging individual and organisational performance in a useful, reasonable, and impartial way.

Moreover, it examines the basis for pay and benefits management in contemporary organisations in both, public and private sectors and how these heritages can present consideration of approximate worth, individual, and collective contribution and value by interlaced into relevant and appropriate strategic designs. Reward Management also enables learners to understand the terms of historic, possible, and developmental options of rewards, the application of diagnostic and evaluative skills in developing flexible methods to reward and the constraints of executive and international pay arrangements.

Finally, it critically focuses on the theory and practice from a behavioural and professional perspective and for continuous professional development is forced.

Learning outcomes of Level 7 Reward Management:

After completion of the module 7RWM the learners will be able to:

  • Assess the terms within the environment, systems, and strategies of reward management.
  • Evaluates the main problems and issues in reward management.
  • Discuss traditional, contingent, and information bases for relational and transactional rewards.
  • Examine exile and executive reward in an external context.
  • Identify the conceptual apparatus and theoretical debates appraising reward management.
  • Design internally compatible reward structures that identify equity limitations and labour market.

The Level 7 Reward Management is Beneficial for People Who:

  • Are responsible for Human Resource (HR) decision making in an organisation at an operational, tactical or more advanced level.
  • Are HR practitioners and professionals in a group or a team.
  • Has a role in HR functional management and wants to amplify and develop their understanding and skills required in their career.
  • Have a Human Resource (HR) career and professional membership aspiration.
  • Have authorities for the HR function and activities within an organisation without a specialist function.
  • Are employed or independent consultants who encourage organisations in meeting their final objectives and goals?

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5 out of 5 Customer Rating

Achieving a 5 out of 5 customer rating in the context of reward management signifies that employees perceive the organisation’s reward strategies as highly effective, fair, and motivating. It reflects complete satisfaction with the overall reward system, including both financial and non-financial elements. Employees would view the pay structure, benefits package, performance incentives, and career development opportunities as aligned with their needs and the organisation’s goals. This high rating suggests that the reward strategies contribute positively to employee engagement, retention, and productivity, while also ensuring compliance with legal and ethical standards. For the organisation, maintaining such a rating can enhance employer branding, making it more attractive in the competitive labour market.

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