7HR03 Strategic reward management

7HR03 Strategic reward management

Unit 7HR03 strategic reward management contains a great level of learning in cipd level 7. It has the main focus on people management and development strategies for performance. This unit is tailored to provide learners with a detailed recognition of the way through which strategic management among people influences the performance of the organisation. It also deals with significant concepts such as performance management, employee engagement and leadership development. It provides learners with the great skills to oversee and implement the comprehensive tips in these domains. With the help of this unit, the learners can discover multiple ways to align the strategies of people management with the long-term success and goals of business.

The main benefits of unit 7HR03 are consequential for the professionals of HR to find out the high-performance drive culture within their organisation. The learners will acquire the potential to implement evaluate and design the strategies in sheets which improve the productivity and engagement of employees. In addition, unit 7HR03 also motivates the leadership capabilities development. It also provides individuals the opportunity so that they can lead the organisation and teams with Innovation and change. These skills are crucial in the innovative and modern workplace where the potential to develop and manage talent is a complex factor of success for the growth of organisation sustainability.

In terms of functionality, unit 7HR03 is essential because it has the main focus on evidence-based approaches by certifying the learners with equipment to make decisions well informed by utilising best practices and the latest research and people management. It makes learners prepare to get strategic partners within the organisation and their potential to influence decision-making at top levels. The learners also get the opportunity to reflect in this unit so that, they can improve their professional development and personal development. It also ensures their growth to be human resource leaders for contributing to long-term business strategies and operational effectiveness. This unit is inevitable for people who want to get meaningful influence in human resource strategic roles.

Goals of unit

The integral aims of the unit 7HR03 strategic reward management are demonstrated below:

• To equip individuals with the potential for people management, alignment and strategy development with overall goals of business for improvement in organisational performance.
• To generate the mandatory skills to implement and create strategies with the rise in productivity and employee engagement throughout the various levels of the organisation.
• To improve the understanding of leadership among learners and strategies which promote effective leadership growth and capabilities within the organisation.
• To ensure learners` application of evidence-based methods, data-driven and informed decisions in people management and organisational strategies.

Learning outcomes

The learning outcomes in unit 7HR03 strategic reward management are given here with the complete depiction of the rewards mechanism in organisations.

LO1: Understand effective reward strategies and policy frameworks.

The learners will identify the way to implement and design reward strategies with organisational goal alignments. This outcome emphasizes generating a policy which provokes employees, ensuring competitiveness and fairness. It includes the analysis of versatile reward components including in centres benefits and salary. Whereas, sticking to the guidelines of organisation and legislation is significant. By recognising these frameworks the learner will improve and contribute to the satisfaction of employees, success of organisation and retention.

LO2: Understand the value of a ‘total rewards’ approach.

This outcome focuses on the recognition of significance as a comprehensive approach to rewarding employees. The strategy of total reward includes non-fictional and fictional benefits including work-life balance, recognition programs and career development. The learners will recognise the way to combine all these components generating an engaging and more motivating environment. It retains and attracts the Talent while promoting the satisfaction and commitment of employees long term.

LO3: Understand pay structures and approaches to establishing pay levels.

The learners will identify the way to effective design which supports the strategy of the organisation. It includes the recognition of job evaluation procedures, internal equity pay and market benchmarking. The focus of the outcome is on the establishing significance of competitive pay and fair levels which retain and attract talent while budgeting the balance in the organisation. With this learning outcome, the learners will increase their insights into the pay complexities management while maintaining the satisfaction and morale of employees.

LO4: Understand the importance of organisational approaches to compliant and ethical reward practice.

This learning outcome has focused on certifying reward practices with legal organisation and ethical standards compliance. The learners will increase their knowledge of pay equity considerations, transparency, fairness and reward discrimination. They recognise the way to generate what policy will influence with effectivity and be socially responsible and legally compliant. They also promote fairness and trust in an organisation.

Assessment criteria

This assessment criteria is coming up with a robust interconnection to each learning outcome of unit 7HR03 Strategic reward management.

LO1: Understand effective reward strategies and policy frameworks.

• 1.1 Identify crucial factors impacting the reward strategy design and framework of policy.
• 1.2 Discuss the significance of reward framework alignment to the broad strategy and context of the organisation.
• 1.3 Critically analyse the reward benchmarking exercise value and the significant organisation methodology consumed to collect data.
• 1.4 Critically identify the influence of disease in organisations to retain motivate and attract talent.

LO2: Understand the value of a ‘total rewards’ approach.

• 2.1 Critically identify the significance of the total reward approach including non-monetary incentives and monetary incentives.
• 2.2 Identify the character of base pay in motivating and attracting employees.
• 2.3 Identify the contingent pay schemes range including benefits and limitations for the organisation.
• 2.4 Identify versatile categories of employee benefits and their accuracy in various contexts of organisations.
• 2.5 Discuss the non-financial significance reward as a total reward approach part.

LO3: Understand pay structures and approaches to establishing pay levels.

• 3.1 Identify suitability and pay structure in various contexts of organisation.
• 3.2 identify benefits and limitations to the organisations for pay scale incremental use.
• 3.3 Evaluate the challenges and benefits of utilising the appraisals of performance to guide the pay decisions progress.
• 3.4 Identify the remuneration committee`s character in managing and determining the executive package reward.
• 3.5 Identify the variety of factors which influence the remuneration decisions internationally.

LO4: Understand the importance of organisational approaches to compliant and ethical reward practice.

• 4.1 Critically discuss the crucial requirements of legislation in terms of reward and pay and non-compliance implications.
• 4.2 Critically analyse the job role evaluation plays in reward decision formulation.
• 4.3 Identify the potential issues of ethics increasing from the contingent use of reward forms.
• 4.4 Elaborate on the influence and merits of fairness and transparency in reward approaches.

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