Strategic Reward Management (7HR03)
ADVANCED QUALIFICATIONS 2021
*self funders only
About this Unit
The unit focuses on 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. The unit 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.
What will you learn
You will examine 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 in-depth understanding of the total rewards approach and the impact of base and incremental pay and benefits in attracting and motivating 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.
This module is suitable for persons who:
- are experienced people practitioners
- are working in a senior people practice role and wish to extend and deepen their skills and understanding to shape strategy, policy and people
- wish to shape people practice, creating value for a wider audience
- are currently leading and managing people and practice within organisations
On completion of this module, learners will be able to:
- Understand effective reward strategies and policy frameworks.
- Understand the value of a ‘total rewards’ approach.
- Understand pay structures and approaches to establishing pay levels.
- Understand the importance of organisational approaches to compliant and ethical reward practice.
NEW CIPD ADVANCED QUALIFICATIONS 2021
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