5HR03: Evaluate the principles of reward and its importance to organizational culture and performance management: Reward for Performance and Contribution, UOB, UK

Assignment 

•  Evaluate the principles of reward and its importance to organizational culture and performance management. (AC 1.1) 

Indicative content

• Principles of reward: the total reward approach, intrinsic and extrinsic rewards;
• fairness, consistency, and transparency, promoting a culture of trust, balancing internal fairness with external market rates;
• integrating rewards with business objectives;
• implementing reward policies and practices;
• role of reward in good work;
• related legislation and its application. 

Importance to organizational culture and performance management: reward strategies that support the organizational culture and values; recognizing and rewarding performance; stimulating performance by rewarding for value created; engaging employees to drive performance. 

Assessment guidance

• In your answer, you could consider principles such as: Total Reward Fairness, Consistency, and Transparency 
  Intrinsic and Extrinsic Reward
• You should evaluate the principles, considering the positives and negatives 
• Form a judgment.
• Ensure you link the principles to organizational culture and performance management. 

• Explain how policy initiatives and practices are implemented (AC 1.2) 

Indicative content

• Policy initiatives and practices: definitions of fair, equitable and consistent;
• felt-fair principle;
• challenges of providing external competitiveness vs internal equality;
• assimilation policies;
• protection policies;
• role of line managers.
• Implementation processes range from collaboration and involvement to requirement and imposition. 

Assessment guidance

For your answer explain what needs to be considered when implementing reward policy initiatives and practices. 
You could include principles - such as felt-fair principle, the role of line managers, collaboration, who should be consulted/involved, etc. 
As the command word is explained, you do not need to give advantages and disadvantages as part of your answer, though this could further elevate your answer.