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Solution
| Initiatives for reward policies provide as recommendations for designing and implementing equitable, open, and transparent rewards as evidenced by REBA (2021). Total reward policies and achieving equitable compensation are two instances of reward policies in the context of GA Pensions. The following measures must be taken in order to implement these policies:
Assessing the current policy initiatives – Assessing the existing policies at GA Pensions is the first step towards setting up a reward program. GA Pensions HR can expand on the incentives being provided to create something valuable for everyone. Analyze the pros and cons of the current policies. Asking for ideas from employees – Include team members from the organization in the implementation process. Participation includes highlighting the significance of the new award policies and inviting teams to share their opinions. According to CIPD (2023), the line manager’s and HR’s responsibility is to speak with and meet with the affected stakeholders. Using employee ideas to drive design – The design process should be led by the team’s ideas. Create a reward system that is equitable, consistent, and equal. Think about the particular benchmarks that teams must achieve to receive awards. Integrate and monitor the policy – Implement the incentive policy and let staff know about any modifications. Evaluate and measure reward effectiveness – The efficiency of the newly implemented effort, including its successes and failures, must be understood by HR professionals. Employee retention, contentment, improved performance, and productivity are some measures to track (Holliday, 2022).
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| Explain how people and organisational performance can impact on the approach to reward. (AC 1.3)
Short references should be added into your narrative below. Please remember to only list your long references in the reference box provided at the end of this section.Word count: Approximately 250 words
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