2 1 and 2 2 Total Reward for 3PRM assignment


Tracy Callaghan


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this video will help you to answer two point one and two point two on the supporting good practice in performance and reward management or the three PRM assignment two point one asks you to identify two purposes of reward within a performance management system and two point two asks you to describe at least three components of a total reward system one of which should be non-financial so what do we mean by rewards this means all financial provisions made to employees which includes cash pay and the wider benefits package such as paid leave and pensions it also includes wider provisions for employees with the term total reward encompassing non pay or financial benefits the purpose of reward systems includes that people are awarded in line with what the organization wants to pay for and that rewards a link to business objectives reward strategies within organizations are usually implemented through performance management systems and they're included to motivate employees in their role and highlight the importance of performance and how this impacts on the organizational success it also plays an important role in attracting potential talent to the business offering competitive salaries bonuses and incentives will pull in a larger pool of applicants and that in turn will enable them to bring in new ideas and creativity reward also impact retention within the organization and if rolled out effectively employees are less likely to leave the business if appealing reward incentives are introduced above all the organizational objectives will be best because employees feel valued motivated engaged and that their efforts have been recognized assessment criteria 2.2 asks you to describe at least three components of a total reward system one of which should be non-financial a total reward system encompasses all of the tools available to the employer that's help to attract motivate and retain employees and this includes everything that the employee perceives to be a value resulting from the employment relationship in the current economic climate many companies are unable to offer enhance pay rewards and to therefore looking to you some alternatives it's also important to recognize that not all employees are driven by salary alone and may be attracted to an organization offering these rewards and they may find it much more attractive than a company offering high competitive salary alone some of the components of a total reward system include pay discount or perhaps membership to a sure save scheme and these would all be financial components some non-financial components could be access to Career Development a challenging role at work freedom and autonomy and the opportunity for personal growth these would all fall under development and career opportunities recognition would highlight the importance of employees feeling valued and appreciated for the personal contribution to the business and would be classed as a separate component another component could be the work environment such as the job profile or job status within the organization or perhaps the physical workspace itself for example a preferred office space or the equipment look out for the next video which will help you to answer assessment criteria three point one and three point two