brief paper Reward For Performance And Contribution
Case Study
Home International is a furniture manufacturer and online retailer. The organisation is a family-owned business that was started over 30 years ago, and currently employs 175 people on full-time or part-time contracts in the UK. They have offices based in Oxford, Munich, Santa Cruz, Suez, and Kuala Lumpur. The organisation is growing and reaching a wider market due to the growth of online furniture shopping.
The organisation has grown during the pandemic, as clients have decided to invest in their homes. More and more people are changing their habits and purchasing sustainable products, which is seen as a positive, because Home International specialise in this area.
However, the business is currently in the process of reviewing all its policies, as Brexit means there have been several changes to rules regarding importing and exporting. This review includes people management processes in areas such as performance and reward. The objective is to cut costs, improve profits and reduce turnover.
Each office has a factory where the furniture is made and distributed on a global scale. Recently, the organisation has seen a higher turnover among the factory operatives who are aged 18 – 32 years old, whereas the office employees stick around for longer, and have an age range from 48 to[NB1] 68 years old.
You have been tasked to provide the following:
· Task Two: A briefing paper on, ‘Benchmarking data to inform reward approaches’
You will also benefit from:
· Taking advantage of the CIPD Factsheets, Reports and Podcasts, and any other online material on these topics
Task Two: Briefing paper to inform future reward approaches at home international
For this task you are required to create a briefing paper which will be used to inform future decisions around Home International’s approaches to rewards. This document must summarise the research you have carried out around rewards, which will then allow you to create your own reward policy for the organisation.
You will need to gather research for this task which will provide the context for the different environments for reward, what should be included in a reward policy, and the legal requirements, these will help you create and develop your own package.
Your briefing paper must include:
1. An assessment of industrial trends and sector profiles linked to common reward packages and levels of business activity relating to the context of reward environment within Home International (2.1).
2. An evaluation of how unemployment and payroll data can be used by Home International to develop insight into benchmarking reward data (2.2).
3. An example of a reward package that you have created for Home International. This should include:
a. An appropriate reward package supported with benchmarking data
b. A job evaluation scheme
c. The market rates relevant to the roles within Home International (2.3).
4. An explanation as to the legal requirements in relation to minimum pay and working hours that might impact Home International’s reward practice (2.4).
Your evidence must consist of:
A briefing paper of approximately 1600 words (+ or – 10%)
Now looking at Task 2: A Briefing Paper to Inform Future Reward Approaches at Home International. For this task you are required to create a briefing paper, which will be used to inform future decisions around Home International’s approaches to reward. This document must summarise the research you have carried out around rewards, which will then allow you to create your own reward policy for the organisation. You will need to gather research for this task, which will help you provide the context for different environments for rewards, what should be included in a reward policy, and the legal requirements.
These will help you create and develop your own package.
AC 2.1 – Assess the different approaches to performance management. An assessment of industrial trends and sector profiles linked to common reward packages and the levels of business activities relating to the context of reward environment within Home International. For this task you are looking at specific trends and profiles relating to reward packages. This will involve you carrying out research around those different areas. To secure a Low Pass, you will need to provide sufficient examples. To gain a Full Pass, you need to have confident use of examples and High Pass will provide strong examples that will support the answer well. The answer should be applied to the case organisation and evidence of wider reading to inform the answer.
AC 2.2 – Review the role of people practice in supporting line managers to make consistent and appropriate reward judgments. An evaluation of how unemployment and payroll data can be used by Home International to develop an insight into benchmarking reward data. An example of reward packages that you have created for Home International should include the following: An appropriate reward package supported with benchmarking data; a job evaluation scheme; the market rates relevant to the roles within Home International. Again, you will need to have a look at wider information around some of these areas such as pay and also job evaluation.
To secure a Pass, you need to make sure that you are including examples and definitely be linking to wider research with links, to achieve a High Pass and normal Pass and a Low Pass.
Assessment criteria 2.3 – Explain how line managers make reward judgments based on organisational approaches to reward. You need to provide an explanation to the legal requirements in relation to minimum pay and working hours that might impact Home International’s reward Practice.
Remember, this is a global organisation but you should have a focus on the UK side of the business at this point. To have a look at the grading requirements for this, you need to be having a look at information around working time and pay, and these need to be provided within your examples.
To secure a Low Pass, a Pass and a High Pass, you must be including, again, those examples to support your answer and having a look at current data. This is very important when we are looking at the area of pay and working hours because this does change.
Task 2 is a briefing paper to inform the future reward approaches at Home International. For this task, you are required to create a briefing paper which will be used to inform future decisions around Home International’s approaches to reward. This document must summarise the research you have carried out around rewards, which would then allow you to create your own reward policy for the organisation.
You will need to gather research for this task which will provide the context for different environments for reward. What should be included in a reward policy and the legal requirements? These will help you create your own package. Your briefing paper must include the following: An assessment of industrial trends and the sector profiles linked to common reward packages and the level of business activity relating to the context of reward environment within Home International (AC 2.1).
An evaluation of how unemployment and payroll data can be used to develop insight, benchmarking reward data (AC 2.2).
An example of a reward package that you have created for Home International. This should include the following: an appropriate reward package supported with benchmarking data; a job evaluation scheme; the market rates relevant to the roles within Home International (AC 2.3). And finally, an explanation as to the legal requirements in relation to the minimum wage or pay and working hours that might be impacted by Home International’s reward practices (AC 2.3).
Application of concepts, theories and frameworks with examples; work-based examples to underpin concepts; the use of HR terminology; theory and practice integrated; and the syllabus coverage.
This is drawing valid conclusions and recommendations, reflecting and evaluating your own learning and how this will affect current or future practices.
and wirite introducation
include intext ciation for each paragraph.
