Reward for Performance and Contribution

Reward for Performance and Contribution
This unit focuses on how internal and external business factors influence reward strategies and
policies, the financial drivers of the organisation and the impact of reward costs. It considers the
importance of the role of people practice in supporting managers to make robust and professional
reward judgements and the impact of rewarding performance.
CIPD’s insight
Reward: An Introduction
Pay and benefits are important in attracting, retaining and engaging employees. A range of options is
available to reward people and recognise their contribution, each with their own opportunities and risks.
The most effective reward packages support the business strategy, staff wants, and the organisation’s
purpose, culture and performance, in a fair and consistent way.
https://www.cipd.co.uk/knowledge/fundamentals/people/pay/reward-factsheet#gref
Reward Management Survey (CIPD, 2020)
The CIPD’s latest reward management survey focuses on the impact that COVID-19 and the ensuing
economic turmoil have had on reward practices in the UK. The survey asks whether global events and
resulting trends have forced organisations to revisit their reward policies on, for example, matters like
employee financial wellbeing. The report examines the motivations behind these changes in reward, the
barriers encountered along the way, and includes recommendations for practitioners who plan to update
their polices in 2021.
https://www.cipd.co.uk/knowledge/strategy/reward/surveys
Level 5 Associate Diploma
5
Strategic Reward and Total Reward
Strategic reward takes a long-term approach to how an organisation’s reward policies and practices can
support its business objectives. The concept of ‘total’ reward covers all aspects of work that employees
value, both tangible and intangible, and may form part of an overall reward strategy.
Total reward may form part of a strategic approach to reward for many employers. For example, an
organisation might adopt a total reward approach, providing cutting edge learning programmes together
with flexible working options, as well as more traditional aspects of pay and benefits, to recruit, retain
and engage the staff it needs to secure its business objectives.
The ability to design and implement a reward strategy and a total reward approach is an important
aspect of a HR professional’s role and it forms part of the CIPD’s Profession Map.
https://www.cipd.co.uk/knowledge/strategy/reward/strategic-total-factsheet
Level 5 Associate Diploma

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