About This UnitThis unit assessment considers the role of strategic reward in attracting, motivating and retaining people at work in order to direct the actions and behaviours of individuals, teams and the organisation towards the achievement of organisational goals. Different financial and non-financial benefits will be applicable depending on the organisational context, but these must always be fair and equitable. Theunit contains the elements required to design, introduce, manage and evaluate effective and fair reward strategies and how the associated policies and practices link and impact on other people practices.
Unit Credits: 15Guided Learning Hours (GLH): 30 hoursAdditional Learning Time: 150 hoursVersion: (23)
Guided learning hours represent viewing recordings, attending live sessions, completing your eLearning, and support from tutors. Additional learning time includes self-study, research and assessment preparation and completion.
You will develop an understanding of the key factors that influence the design of reward policy. Understanding of organisational strategy and variables is key and you will critically justify the value of benchmarking and reward strategy choices. You will develop indepth understanding of the total rewards approach and the impact of base and incremental pay and benefits in attracting andmotivating employees. You will assess the benefits and challenges of performance appraisal and its links to pay progression. Finally, you will examine the ethical issues that may arise from forms of reward and how the principles of transparency and equity are the cornerstones of responsible and effective approaches to reward.