7RWM Reward Management

Module Overview

7RWM Reward Management is a unit within CIPD advanced module 7 that focuses on training professionals on the need for effective reward management within the organisation. The course provides the foundations associated with the benefits of reward management as well as help the learners to understand the relationship between reward management and organisational performance.

In this unit, the learners are put through the process of understanding the nature of the competitive labour markets.Organisations need to ensure that they put up strategies that prove they can offer employee value propositions or boost the employer branding of the organisation to ensure that it becomes an attractive employment opportunity within the market and give it a competitive advantage.

The use of reward management is one of the strategies that shows the commitment of the organisation to improving the experience of the employees working there. The unit further helps to create an understanding of the theoretical frameworks that connect traditional practices to the modern approaches that are used to effectively manage the reward system and policies within the organisation.

Suitability of the Unit

Reward management is a critical step for all professionals within an organisation. Employees need to understand the policies that are used in devising an effective reward management strategy and policy hence help them appreciate the efforts that are put within the organisation to achieve the desired levels of rewarding good performance. However, the unit is significantly applicable to the human resource professionals and consultants tasked with providing specialists advice on HR practices.

These are individuals who play the role of creating an environment that ensures the organisation is able to attract, recruit, select and retain top talents.They also oversee the process of performance management, which ensures that employees are able to attain optimum performance, which is critical in improving the productivity of the organisation in general. These individuals benefit the maximum from the course as they are provided with the theoretical background of reward management as well as guidance to the modern approaches that are used to motivate and improve employee satisfaction.

The unit is also applicable to executive managers and line managers within the organisation.Executive management approves and ratify strategies that are passed on to different areas of the organisation, and they should be able to understand the contribution that effective management strategies and policies would have on the performance of the organisation. Line managers, on the other hand, are responsible for interacting with the employees on a daily basis.

They should learn the modern reward management approaches, which include being able to appreciate the role the employee is playing on a daily basis before focusing on other strategies, including pay and benefits or incentives. These unit helps to instil this continuous appreciation function in the learners hence ensuring that they are able to contribute in adding value to the selected rewarding strategies and structures within the organisation.

Learning Outcomes

The unit focuses on improving the understanding of reward management. On completion of this module, the learners should exhibit specific learning outcomes that indicate the accomplishment of the learning goals and objectives of the course. The learners at the end of the module should be able to:

• Exhibit understanding of the theoretical frameworks surrounding reward management

• Analyse the organisation's relationship between the organisational policies and environment with the reward management systems adopted within the organisations.

• Understand the relationship between reward management and organisational performance.

• Show understanding and comparative analysis of traditional approaches of rewarding and modern approaches used in rewarding employees.

• Set up reward structures that are able to include both the contemporary labour markets dynamic and the ethical requirements of equity

• Evaluate the effectiveness of a reward management practice hence providing necessary recommendations for improvement.

Key Learning Areas

The unit addresses an important aspect of managing organisations that aims at improving the performance of the employees and creating job satisfaction. As such, 7RWM focuses on covering different areas of learning. Some of the main areas include:

Theoretical Perspectives

Reward management is a concept that is covered with different theoretical frameworks, both traditional and modern. The theories range from understanding the needs of the employees to ensuring that the organisation is able to positively contribute to improving the satisfaction of the workers thru different strategies of rewarding.

This unit aims at ensuring that the learners have an understanding of these theoretical perspectives that impact the ability of the human resource practice to achieve the desired levels of performance. learners are also able to compare the traditional methods of reward management to the newer approaches hence devising the main targets that these theories have in improving the ability of the professionals to achieve desired levels of performance through reward management.

Reward Management Strategies

7RWM provides relatively important guidance on the identification of different rewarding alternatives and the selection of the optimum strategy to use in a specific organisational context. There are different strategies that can be used by HR professionals ranging from transactions which rely on giving employees incentives such as finances and benefits pay or the rewarding relational techniques.

Which focus on the work environment and relationships that are built within the workplace and tool of rewarding and motivating the workers. This area of study helps the learners to identify different approaches that can be used under each strategy hence ensuring that the HR professionals are able to support the organisational goals and objectives through effective, rewarding strategies.

Ethical Considerations

Lastly, reward management involves directly dealing with the employees. As such, there are ethical principles that should be followed when developing the reward system and implementing it. Some of the common ethical considerations that the professionals should cover include fairness and equality in the process of rewarding.

This area helps the learners in the HR profession to understand their duty to improve an ethical workplace by ensuring that ethical principles are considered in the implementation of rewarding structures within the organisation.

Wrap Up

7RWM is a critical unit that any HR professional should pursue. It covers critical information that helps the professionals in developing strategic structures to support organisational activities. After the module, the learners are based through the use of both written assessments and work-based templates, which provide evidence of learning and the ability to apply learned concepts within the organisational context.