AC1.1 Examine the key factors influencing the design of reward strategy and policy frameworks.
- Define reward strategy.
- Understand the aims of strategic reward approaches.
- Consider external factors affecting reward strategy and policy (Economic, Legal, Social, Political, Technological, Environmental).
AC1.2 Discuss the importance of aligning the reward framework to the wider organisational context and strategy.
- Achieve vertical fit between reward and organizational strategy.
- Achieve horizontal fit with other people's practices.
- Consider internal factors influencing reward strategy and policy.
AC1.3 Critically justify the value of reward benchmarking exercises and the main methodologies organisations use to gather data.
- Understand the value of reward benchmarking.
- Explore alternative sources of benchmarking data.
- Evaluate the benefits and pitfalls of reward benchmarking.
AC1.4 Critically evaluate the impact of organisational reward strategies to attract, motivate and retain talent.
- Analyze the impact of pay for a person or role.
- Consider the degree of hierarchy and centralized/decentralized practice.
- Evaluate the reward mix and emphasis on non-financial reward.
- Understand pay positioning and competitor strategies.
- Consider employee voice in reward and recognition of workforce diversity.
AC2.1 Critically evaluates the significance of a total rewards approach, including monetary and non-monetary incentives.
- Define total rewards and its components.
- Understand the significance of transactional and relational rewards.
- Explore various forms of pay and incentives.
AC2.2 Analyse the role of base pay in attracting and motivating employees.
- Understand the importance of base pay in different contexts.
- Consider the significance of base pay for benefits and in different sectors.
- Analyze motivation theory and the role of pay as a motivator.
AC2.3 Analyse a range of contingent pay schemes, including the advantages and disadvantages for organisations.
- Understand the increase in 'new pay' approaches.
- Analyze the advantages and disadvantages of contingent pay.
- Explore various types of contingent pay schemes.
AC2.4 Evaluate different types of employee benefits and their suitability in different organisational contexts.
- Explore different types of employee benefits.
- Consider universal vs. selective benefits and flexible benefit options.
- Analyze the costs of benefit provision.
AC2.5 Discuss the significance of non financial rewards as part of a total rewards approach.
- Understand intrinsic vs. extrinsic motivation.
- Recognize the role of various non-financial rewards.
AC3.1 Evaluate pay structures and their suitability in different organisational contexts.
- Analyze alternative pay structure choices.
- Understand the reasons for adopting different structures.
AC3.2 Analyse the advantages and disadvantages to organisations of using incremental pay scales.
- Understand the establishment and mechanics of incremental scales.
- Analyze the advantages and disadvantages of using incremental pay scales.
AC3.3 Assess the benefits and challenges of using performance appraisal to guide pay progression decisions.
- Understand the purpose and methods of performance appraisal.
- Consider potential biases in appraisals.
- Understand the use of pay budgets and distribution curves.
AC3.4 Examine the role of remuneration committees in determining and managing executive reward packages.
- Understand the moral dilemmas surrounding executive rewards.
- Analyze the role of remuneration committees.
- Consider transparency and reporting of executive pay.
AC3.5 Examine a range of factors that impact international remuneration decisions.
- Consider tax and legal factors in international remuneration.
- Understand cultural determinants of reward.
- Analyze factors related to local vs. expatriate hires.
AC4.1 Critically discuss the key legal requirements relating to pay and reward and the implications of non compliance.
- Understand equal pay provisions.
- Understand the National Minimum Wage and Living Wage.
- Understand the implications of non-compliance.
AC4.2 Critically evaluate the role job evaluation plays in formulating reward decisions.
- Understand analytical and non-analytical job evaluation methods.
- Understand the process of job evaluation in practice.
AC4.3 Examine the potential ethical issues arising from the use of contingent forms of reward.
- Consider the criticality of clear criteria in contingent reward.
- Understand the potential ethical issues of contingent pay.
AC4.4 Explain the merits and impact of transparency and fairness in approaches to reward.
- Understand the links between transparency, fairness, and employee outcomes.
- Consider the impact of transparency and fairness on employer of choice credentials.
