(Solution) CIPD 5HR03 how reward policy initiatives and practices are implemented. (AC 1.2)

Solution

Reward policy initiatives are guidelines that help organisation to design and implement fair, transparent and equal rewards (Jin et al., 2020). Examples of reward policies within Body Image could be total reward policy and achieving equal pay. Implementing these policies will require a number of steps:

Assessing the current policy initiatives – The first step in implementing a reward policy is to start by assessing the current policies available at Body Image. Body Image HR can build off of what is being offered as incentives to develop something meaningful to everyone. Assess what went well and wrong with the existing policies.

Asking for ideas from employees – Involve organisational members in during implementation process. Involvement include communicating the importance of new reward policies and encouraging teams to offer their views and ideas. It is line manager’s and HR role to hold conversations and meetings with the stakeholders affected.

Using employee ideas to drive design – Use team’s ideas to drive the design process. Design a reward policy that is equal, fair and consistent. Also consider specific milestones that teams should meet to earn rewards. Jerónimo et al. (2020) noted that reward policies should encourage ad reinforce positive behaviours and culture.

Integrate and monitor the policy – Put the reward policy into actions and communicate all changes to employees.

Evaluate and measure reward effectiveness – HR professional need to understand the effectiveness of the new policy initiative including success and non-success areas. Several metrics to measure include employee retention, satisfaction, increase performance and productivity (Tran et al., 2022).

Please click the icon below to access this assessment in full