*self funders only
Purpose and aim of unit
The reward management unit provides the learner with a wide understanding of how the business context drives reward strategies and policies, including labour market, industrial and sector trends, regional differences and trends in pay and international comparisons; the financial drivers of the organisation, the balance sheet and the impact of reward costs. The learner is required to gather and evaluate intelligence on a wide range of reward data and show how this impacts upon business decisions. The learner will acquire knowledge of the perspectives, principles and policies of reward from a theoretical and strategic focus and learn how to implement them in practice. The learner will be able to assess the contribution of reward to business viability and advise on the appropriateness of policies and practices to line managers to promote employee performance.
This unit is suitable for persons who:
• seek to develop a career in human resource management and development
• are working in the field of human resource management and development and need to extend their knowledge and skills
• have responsibility for implementing human resource policies and strategies need to understand the role of human resources in the wider organisational and environmental context.
On completion of this unit, learners will:
1 Understand the business context of reward and the use of reward intelligence.
2 Understand key reward principles and the implementation of policies and practices.
3 Understand the role of line managers in making reward decisions.
The learner will:
The learner can:
|1 Understand the business context of reward and the use of reward intelligence.||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. 2 Understand key reward principles and the implementation of policies and practices.
|2 Understand key reward principles and the implementation of policies and
|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.
|3 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.
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