Question
Your presentation notes pages must include:
- An evaluation of two of the principles of reward (intrinsic and extrinsic reward and integrating reward with business objectives) (1.1).
- An evaluation as to why organisational culture and performance management are important to the principles of reward (1.1).
- An explanation of how Home International can implement new policy initiatives and practices in relation to rewards across the organisation (1.2).
- An explanation of how both people and organisational performance within Home International can impact its approach to rewards both positively and negatively (1.3).
- Using Home International and a second business example, produce a comparison of performance-related pay and intrinsic rewards as examples of benefits offered by each different organisation (1.4).
- An assessment of the benefits and drawbacks of how extrinsic and intrinsic rewards contribute to improved employee contribution and sustained organisational performance (1.5).
- An assessment of the effectiveness of performance review meetings and 360 degree feedback as approaches to performance management, including a review of the role that the people practice professionals within Home International can take to support you as a line manager, to ensure consistent and appropriate reward judgements are made (3.1).
- An explanation as to how line managers can make reward judgements based on organisational approaches to reward (3.3).
- A review of how people practice professionals can support line managers to make consistent and appropriate reward judgements. The CIPD have provided a document called ‘The People Profession: now and for the future’, which can help you with this. (3.2)
Solution
Table of Contents
Task One: Presentation to Key Stakeholders 3
3.1 Effectiveness of performance review meetings and 360-degree feedback 10
3.3 Line managers making reward judgements based on organisational approaches to reward 12
Slide 1
Background
Welcome to this presentation
Being the key stakeholders, it is relevant understanding core approaches to reward and role of people professionals in support of line managers to develop the reward packages
Also, all the line managers decisions ought to be supported with an aim of ensuring that rewards are appropriately linked to the rewards.
Slide 2
1.1 Principles of Reward (Intrinsic and Extrinsic reward and integrating rewards with business objectives)
According to Lumen (2021), while the intrinsic rewards are intangible, it harness the sense of satisfaction from mastering new skills and successful completion of a project. This is contrary to extrinsic rewards which are financial and include bonuses, incentives and commission. Examples of the intrinsic rewards include personal interests, accrued values and aspirations.
Considering two principles of rewards, these include;
- Rewards experience– In CIPD (2022), for employees to be successful in their organisation, they ought to possess an appropriate rewards experience. For instance, for Home International, this can entail appropriate communication for understanding, accepting and increasing commitment in the organisation.
- Integrating rewards– For the intrinsic and extrinsic rewards, they ought to be integrated together for creating total rewards. The total rewards created are identified by CIPD (2021) to integrate tangible and intangible and part of entire reward strategy. For Home International, this could entail creating an appropriate total rewards which appreciate the employees value.
Integrating the rewards withy an organisation objectives is influenced by the extent in which sustainable reward relations are established. This is with a win-win relationship being established for Home International. The different stakeholders would also feel valued by their organisation.
Slide 3
1.1 Why organisational culture and performance management are important to the principles of reward
Reward principles are part of the organisation culture since they are appropriately applied in expressing and reinforcing values and norms. In Madhani (2021) study, there is a direct correlation of reward principles and organisation culture. For example, in Home International, their reward principles can promote the capacity of communicating appropriate attitude and behaviours amongst the employees who are identified as leaving their organisation. This is amongst their organisation stakeholders. Also, their organisation culture can be altered for embracing change and holistic communication.
This is supported by Herzberg’s two factor Principles Theory Deb (2019) which identify the link of reward principles and performance. This include hygiene factors which reduce dissatisfaction as evidenced in the organisational culture.
Slide 4
1.2 Home International implementing new policy initiatives and practices in relation to rewards across the organisation
As evidenced in CIPD (2021a), the rationale of establishing the policies is to ensure that the people practice professionals are appropriately positioned to adopt the reward initiatives.
The policies appropriate for Home International include;
Monetary rewards Policy Initiative– In Home International, this would be relevant for implementation of pay increase bonuses and allowances. Since the organisation ahs a low employee motivation, this policy would imply that the employees are appropriately placed for sustainable wellbeing and family relations. Discrimination in the organisation departments would be lowered. As evidenced in Voorberg et al. (2018) this can entail improving employees fitness and ability to execute their roles.
Non-monetary reward policy initiatives– This policy entail using non-monetary rewards in tandem with the monetary rewards. In Home international, for the generation Z who are the majority with a high turnover, through this policy, their existence in the organisation would be increased. This would ensure that they have capacity development opportunities and their skills improved. They have noted to be attracted by these practices.
Slide 5
1.3 People and organisational performance with home international impact its approach to rewards positively and negatively
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