HRM7005 Reward Management
After completing the module, you should be able to:
- Analyse the relationship between the environment, strategy and systems of reward management.
- Explore the conceptual apparatus and theoretical debates informing reward management.
- Critically discuss traditional, contingent and knowledge bases for transactional and relational rewards.
- Design internally consistent reward structures that recognise labour market and equity constraints.
- Analyse executive and expatriate rewards in an international context.
- Critically evaluate key issues in reward management.
- Evaluate major theories relating to motivation, commitment and engagement at work and how these are put into practice by organisations.
- Using financial information to inform decision making
Your assignment should include: a title page containing your student number, the module name, the submission deadline and the exact word count of your submitted document; the appendices if relevant; and a reference list in AU Harvard systems. You should address all the elements of the assignment task listed below. Please note that tutors will use the assessment criteria set out below in assessing your work.
You must not include your name in your submission because Arden University operates anonymous marking, which means that markers should not be aware of the identity of the student. However, please do not forget to include your STU number.
Maximum word count: 5000 words
Please note the following:
Students are required to indicate the exact word count on the title page of the assessment.
The word count includes everything in the main body of the assessment (including in text citations and references). The word count excludes numerical data in tables, figures, diagrams, footnotes, reference list and appendices. ALL other printed words ARE included in the word count.
Please note that exceeding the word count by over 10% will result in a 10-percentage point deduction.
This assessment is worth 100% of the total marks for the module.
You work in an insurance company. The company has always operated on a flat rate pay scheme, for all employees. It has now been decided that there should be some reward for performance. This reflects the feedback received from employees in a recent employee attitude survey. Employees commented that they did not think it fair that all employees received the same reward regardless of their level of contribution.
You are now planning the introduction of some form of performance related pay. In doing this you need to address several different issues, and in doing so you need to answer the following questions:
1. The reward system in an organisation is affected by both internal and external factors. (1250 words)
- Identify two internal and two external factors that need to be considered when introducing performance related pay and evaluate their impact on strategy and systems of reward management.
- Critically discuss the possible relationships between the assumptions of Human Capital theory and internal labour markets
2. It is likely that introducing performance related pay will have the potential to increase the cost of reward in the insurance company. The senior management have asked, therefore, for some way of evaluating whether the approach is successful. Explain an approach that could be used and critically evaluate the extent to which the pay structure considers labour market and equity constraints. (1250 words
3. Critically evaluate what you must consider when ensuring that the performance related pay scheme is both ethical and demonstrates a professional approach to an international Executive and Expatriate reward system. (1250 words)
4. Pay does not necessarily motivate individuals, but other aspects of reward might motivate.
- Critically analyse the impact that performance related pay might have on the employees.
- Critically assess the factors that determine the validity and reliability of market rate data in determining pay structures?