7HR03 Strategic Reward Management explores the role of strategic reward in attracting, motivating, and retaining employees, guiding individual, team, and organisational behaviour toward achieving organisational goals. It examines various financial and non-financial benefits tailored to different organisational contexts, emphasising fairness and equity. The unit covers the essential elements for designing, implementing, managing, and evaluating effective and fair reward strategies, and how these strategies influence and integrate with other people practices.
What will you learn
You will explore the key factors influencing the design of reward policies, emphasising the importance of understanding organisational strategy and variables. You will critically evaluate the value of benchmarking and the choices involved in reward strategy. You will gain a deep understanding of the total rewards approach and the role of base and incremental pay and benefits in attracting and motivating employees. Additionally, you will assess the benefits and challenges of performance appraisals and their connection to pay progression. Finally, you will examine ethical issues related to various forms of reward, highlighting the principles of transparency and equity as essential to responsible and effective reward practices.
Learning outcomes
Upon completing this module, learners will be able to:
- Understand effective reward strategies and policy frameworks
- Appreciate the value of a ‘total rewards’ approach
- Comprehend pay structures and methods for determining pay levels
- Recognise the importance of organisational approaches to compliance and ethical reward practices
This module is suitable for persons who:
This unit is ideal for individuals who:
- Are experienced people practitioners
- Are in senior people practice roles and seek to expand and deepen their skills and understanding to influence strategy, policy, and people
- Aspire to shape people practice and create value for a broader audience
- Are currently leading and managing people and practices within organisations
