HRM313 Total Reward Design and Management Assignment SUSS Sample Singapore
Rewards are an important part of the workplace, but what do you know about them? This course will provide a broad understanding and teach concepts like best pay practices; why employers use different types or levels for various jobs within their company (e.g., entry vs executive); how they determine benchmark salaries based on experience level which tells workers whether they’re being rewarded fairly according to ability when there might not necessarily always be equal skill set between two people who do similar work; how to determine salary ranges; and much more.
In this course, you will learn about the various types of rewards that are offered in different industries. You’ll also get a broad understanding and be able to teach your coworkers what exactly these schemes entail so they know whether or not it’s equitable for everyone involved when there might not always need such equity between two people doing similar work.
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Assignment Brief 1: Illustrate the pay model concept
The pay model is the way in which money is received by an employee for work done. The most common distinction in pay models are hourly, on commission basis, on salary.
Hourly basis payments are based off of time spent or how long a task has taken whereas On Commission Payments are based off of the job’s success. There is also On Salary payments that are not solely dependent on whether or not someone does their job well but instead on whether they fulfilled certain contractual obligations set out before them at the start of employment, such as years worked.
All these different forms have their own pros and cons – hourly can keep employees’ day-to-day work goals achievable, while commission creates incentives to increase sales revenue. Other than the type of payment, there are other variations in pay models. For example, employees can be given different tasks with corresponding levels of pay, or they may have a flat salary with potential bonuses for meeting certain milestones.
The important thing is that the employee understands how they will be paid and what is expected of them. This helps to avoid any misunderstandings in the contract between the employer and employee.
Assignment Brief 2: Recommend strategic objectives for total reward design and management
A company’s human resources department is usually in charge of designing the company’s total reward package, which are policies that are designed to help motivate employees. The following are some suggestions for this objective.
- Pay attention to current salary practices when designing the total reward package so employees see fair wages for their work.
- Ensure alignment between individual and organizational performance so an employee can be rewarded without having to deal with politics or other factors outside of their control.
- Create incentives that will serve as retention tools so talented individuals don’t feel they have no incentive to stay at a job just because they’re threatened by colleagues who do the same tasks but get paid more simply because they’re slower or less intelligent than others in their group.
- Develop a range of rewards beyond salary to recognize and reward high performers for going above and beyond in order to keep them from seeking employment at a rival company.
- Consider the individual when developing rewards, making sure to take into consideration factors such as gender, age, country of origin, marital status, ethnicity, etc. so everyone has equal opportunity to succeed.
- Build rewards for improved performance into the company’s three main goals, budget, strategic plan, and organizational structure so they are incentivized by the reward system rather than just being expected to produce good results regardless of their commitment or lack thereof.
Every department should have objectives that are concisely stated and measurable.
Assignment Brief 3: Judge the outcomes required from various strategic pay considerations at organizational level
There needs to be strong alignment with the “people” in the organization. It is unlikely that people will feel motivated by a pay scheme that does not ensure fairness, teamwork, and growth opportunities.
At the organizational level, strategic pay considerations should focus on creating an effective workforce for success; this includes building talent by developing talent systematically across various industries and roles to meet changing skill demands. To do this successfully will require creativity in designing performance management approaches like utilizing 360 degree feedback, coaching honours awards or investing in employee development. The rationale propelling these requirements are grounded in research that shows lower-skilled employees lacking networks of relationships which can hinder career advancement into higher quality jobs.
Such investments in talent should also take into account the different life-stages of employees. For example, millennials are delaying marriage and children longer than any other generation, so organizations may want to consider offering more flextime work arrangements. Additionally, given that women now represent almost half of the U.S. workforce, companies would do well to consider the impact of gender equality on talent management.
Lastly, everyone has an opinion about executive pay and company board compensation. Boards need to be cognizant that there is a significant public (and media) presence that will scrutinize how they make decisions and communicate their findings. With this visibility also comes increased accountability for boards, so they need to be diligent in their decision making.
Assignment Brief 4: Contrast concepts like best pay system, internal pay alignment, benchmarking pay, and performance based pay
Below are some basic guidelines for implementing effective pay programs.
Best pay system is not the same as external benchmarking systems, although ideally they will have similar performance attributes. The best company-specific pay system is typically one that takes into account individual circumstances, positions within the organisation’s structure, job tasks and dimensions of quality or quantity of work products achieved or skillset levels attained by an employee relative to peer employees in their position type with similar experience levels.
Internal pay alignment is the belief that management should have the same compensation as their lower level employees. The idea being that they are incentivized to share in the company’s success, and would not want to hinder it by sacrificing profits for themselves. Some companies do compare salary numbers internally, some don’t want some managers to even see it because they may disapprove of what someone makes if their own salary is on an entirely different tier, but there are benefits to be gained from internal comparisons.
Benchmarking pay can be helpful in ensuring an appropriate level of pay is achieved, but it’s important to go beyond this and make sure there are meaningful standards linked to the work performed. Benchmarking can help with observing how your company’s performance or competitors compare on different factors, but benchmarks may not reflect your company’s priorities or context.
Performance-based pay is a compensation system that rewards an employee based on the company’s assessment of their work performance. Performance-based pay can be less formal than traditional annual reviews, but it also means that there may not be consistent measurement of quality across all employees. Whether this works for your organization will depend on how important the company sees consistency in performance recognition to be versus more customized feedback. For some organizations, this structure could make sense as a way to help employees see how they are progressing towards goals and highlighting areas of improvement since it removes bias introduced by managers who are already familiar with an employee’s work style.
Assignment Brief 5: Illustrate the reward policy choices at the organizational as well as international pay systems
The international pay systems of a company will set the currency that employees are paid in. A common example of this is an American living and working abroad who still gets issued a U.S.-based paycheck, which is not necessarily adjusted for currency exchange rates so nobody really knows what your money is worth. Some employers have multiple pay systems to account for the diversified needs of employees on their payroll who operate in more than one country or work on cross-border projects.
When you are working in more than one country, an international payroll service should be able to help by converting your pay from one currency to another to ensure that you always receive the local equivalent of your net salary. Language differences are also a factor when it comes to exchanging currencies because there can be different interpretations of terms or formats which lead employees receiving their pay in a different currency than they expected.
An international payroll service can help to avoid any confusion and ensure that all employees are paid accurately according to the terms of their employment contract. If you are working in a foreign country, it is important to understand the local pay system and how it will impact your salary so you can plan for your financial future.
Assignment Brief 6: Examine the impact of government policy, market forces and union roles in total reward design and management
Government policy, market forces and union roles can each be effective in addressing the shortage problem. Individuals motivate themselves to pay for performance, or “total reward design,” which posits that people sacrifice some performance now in anticipation of earning more reward later.
Companies facing shortages may be able to offer higher wages to prospective employees, but they will soon find themselves competing with other companies for these same scarce workers.
Furthermore, if too many companies raise wages it will hurt them all because they will have less money to invest into capital goods or research and development – crucial investments that lead to more jobs down the road. Raising wages then is only a short-term solution to shortages. Instead of one central organization deciding what jobs should be paid, unions allow for the market to determine the correct wage through an auction-style process. Each company that needs workers would offer pay packages to prospective employees and then hire whoever accepts the lowest bid.
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