Examine the key factors influencing the design of reward strategy and policy frameworks: Strategic Reward Management CIPD Level 7 Assignment, UOE, UK

Assignment Question 1. Examine the key factors influencing the design of reward strategy and policy frameworks (1000 words) 

• Define reward strategy, aims, and philosophy. If you don’t have one use the overall purpose of the reward strategy. Are they explicitly written down, verbally articulated, or not even thought about? You could consider the importance of vertical alignment.
• Introduce the concept of total rewards and discuss briefly contingent and guaranteed rewards.
• Do a PESTLE/STEEPLE of external factors affecting Reward issues at a strategic level in your organization. This can be included in appendices and a selection of factors examined.
• Discuss relevant external and internal factors relating to your organization’s reward package. Is your current rewards system considering relevant factors or not?
• Discuss some of the current hot topics in reward and external influences/drivers. Examples could include brand, Employee Value Proposition and cost of rewards, and whether your current system is effective in terms of competitiveness, attracting motivating, and retaining talent.
• Use data such as - benchmarking/ retention/ speed of hire/ cost of hire/exit interviews to evidence any claims. Horizontal alignment e.g. to values/ culture/ business goals - competing values from employer and employee. How far does your current package align?