5RMT Reward Management

Unit Overview

5RMT, Reward management is a CIPD level 5 unit that focuses on describing the environment of the organisation and how utilising critical rewarding strategies could improve the working environment and hence boost the productivity of the employees. 5RMT is a course that focuses on improving the ability of human professionals including managers and human resource business partners with adequate knowledge and skills that improve their ability to effectively influence the performance of others within the organisation by providing rewards as the main tool of motivation.

Reward management within the organisation is essential in providing both intrinsic and extrinsic motivation to the employees. Therefore, it is important for the individuals put in charge of people practices within the organisation to set up sustainable measures that can be effectively implemented to boost the reward systems of their organisation. This unit focuses on providing this capability to the human resource professionals.

Unit Objectives

5RMT as a module focuses on techniques used for rewarding within the organisation. Some of the common objectives that guide the process of delivering content within the course include:

·       Define the concept of reward management

·       Understand different forms of rewarding systems within the workplace

·       Understand the theoretical frameworks surrounding rewarding system within the organisation.

·       Conduct comparative analysis of traditional and contemporary  forms of rewards

·       Set up effective structures that contribute in improving the productivity of employees within the workforce by promoting proper rewarding of employees.

·       Facilitate fairness and equity in reward management

·       Implement appropriate rewarding strategies for different organisational scenarios.

Relevance of the Module

Human resource professionals are significantly involved in the process of motivating and influencing the workers within the organisation to pursue the desired course f activities that are aligned to organisational goals and objectives. Rewarding is one of the most effective approaches that the human resource professionals can use to improve the motivation, engagement and satisfaction of the employees within the organisation. Some of the factors that make this unit significantly relevant within the organisational context include:

Creating an Attractive Human Resource Department

Human resource professionals should ensure that their activities facilitate an environment that is highly attractive to prospective employees. Within the competitive market it is important to ensure that the approaches utilised in the organisation contribution to achieving this goal and responsibility.

Retain Employees

After attracting the right talent, human resource professionals need to implement interventions and strategies that help to keep the employees within the organisation. There are practices that aim at ensuring the employees are satisfied with their engagement within the organisation hence boosting performance. 5RMT is a course that provides the necessary skills that the human resource professionals can use to achieve the goal of retaining employees within the organisation.

Boost Productivity

5RMT provides techniques that are important in boosting the productivity of the employees by improving their engagement with organisational activities as well as improve the ability of the human resource professionals to influence the performance of the employees. The course focuses on providing both theoretical and contextual information that if effectively applied within the organisation can boost performance.

Unit Content

5RMT is a course that examines different areas of reward management. The course focuses on examining the ability of the professionals to apply learned concepts and theoretical frameworks surrounding both intrinsic and extrinsic motivation within the organisational context. By pursuing the course, the learners are able to acquire important ethical principles that should be applied in the process of facilitating reward management such as fairness and equity which addresses the critical issues of discrimination which have been identified to be the most critical source of conflict especially when it comes to determining the best approaches of performance appraisal and management.

5RMT also focuses on improving the ability of the learners to examine the trends with the labor market hence identifying and enforcing the different needs that change with time within the specified workforce. This means that the learners are provided with the skills and knowledge to conduct an analysis of both the internal and external factors that influence employee satisfaction. Through the course, the learners will be introduced to critical concepts that include collective bargaining agreement, expectancy, human capital and efficiency wage which are important in designing and setting an effective reward management within the system.

Unit Applicability

The unity is applicable to different groups of people. Those allowed to enrol and pursue the course for improved knowledge and skill in people management include:

i.               All human resource professionals are involved in the process of managing people practices within an organisation.

ii.             All human resource business spatters and development practitioners who need to improve their knowledge in improving the performance of employees through effective rewarding systems.

iii.            Individuals within corporate organisations tasked with the duty of developing and implementing human resource policies across the organisational environment can use these models to build information on supportive and enabling policies which are rewarding to the people within the organisation.

iv.            All individuals interested in understanding management process that can be used both in the organisational context and in dealing with other persons in the organisation setting generally can pursue this course for improved skills and knowledge.

 Expected Outcome

From this course, the professionals are expected to demonstrate a high understanding of rewarding within the organisational context. This involves being able to identify critical components and principles of rewarding concept within the organisational setting as well as strategies to devise and implement practices and policies that support a rewarding organisational environment. 5RMT also guides the HR professionals to develop an understanding of their duties and responsibilities as people professionals to improve the performance of the employees through the rewarding process.

Summary and Evaluation

This is a course that focuses on providing both theoretical and practical knowledge to be used in the organisational context. The course is assessed using a written test that requires the learner to write a 4000 words assignment to assess the accomplishment of the learning objectives devised to this course. The assessment combines the analytical and critical thinking skills required to study real-life situations and devise effective solutions through the rewarding principles learned in the course.