Business and Economic Assignment Task

ASSIGNMENT TASK (3,900 WORDS) Business and Economic Assignment Task

Using your own organisation (or one with which you are familiar), investigate the reward environment and produce a written report in which you: Business and Economic Assignment Task

 QUESTION 1

1. Assess the context of the reward environment and the key perspectives that inform reward decisions. In this section you should:

• Use an appropriate analysis tool to identify the internal and external factors that impact an organisation’s reward policy (e.g. SWOT, PESTLE, etc)
• Analyse the particular impact of business drivers and related factors on reward decisions. affordability, market position, etc
• Give examples of different (at least three) types of reward intelligence and how it is gathered and presented.

Question Assessment Criteria:

– Assess the context of the reward environment and key perspectives that inform reward decisions.

– Explain the most appropriate ways in which reward intelligence can be gathered and presented.

• QUESTION 2

Demonstrate your understanding of key reward principles and the implementation of reward policies and practices. In this section you should: (AC 2.1, 2.2, 2.3, 3.2)

• Evaluate the principle of total rewards and its importance to reward strategy.
• Identify and explain the importance of equity, fairness, consistency and transparency in terms of how they should underpin reward policies and practices. You may illustrate your understanding of these key principles by referring to good practice or relevant legislation
• Assess the contribution of both extrinsic and intrinsic rewards to improving employee contribution and sustained organisation performanc Refer to academic research and the literature in this area and illustrate with examples of good practice.
• Explain how reward policy initiatives and practices are implemented in your chosen organisation Business and Economic Assignment Task

Question Assessment Criteria:

• Evaluate the principle of total rewards and its importance to reward strategy.
• Explain the significance of equity, fairness, consistency and transparency as they affect reward policies and practices.
• Explain how policy initiatives and practices are implemented.
• Assess the contribution of extrinsic and intrinsic rewards to improving employee contribution and sustained organisation performanc

• QUESTION 3

3. Demonstrate your understanding of the role of line managers in making reward decisions. In this section you should:

• Explain the various ways line managers contribute to reward decision-making.

Question Assessment Criteria:

– Explain the various ways in which line managers contribute to reward decision making.

• QUESTION 4
  Give a brief account of HR’s role in each of the following:
  – developing basic succession and career development plans
  – contributing to plans for downsizing an organisation
  – contributing to the development of job descriptions, person specifications and competency frameworks.

Question Assessment Criteria:

– Develop basic succession and career development plans.

– Contribute to plans for downsizing an organisation.

– Contribute to the development of job descriptions, person specifications and competency frameworks. Business and Economic Assignment Task

• QUESTION 5
• Explain some of the main legal requirements in relation to recruitment and selection and briefly assess the strengths and weaknesses of at least two different methods of recruitment and selection.

Candidates should refer to local legislation (UAE). In the absence of local legislation, then candidates should refer to EU law.

• Go on to explain briefly why people leave or remain with organisations and provide a brief summary of some of the costs associated with dysfunctional employee turnover.
• Provide a brief assessment of the strengths and weaknesses of at least two different approaches to retaining talent.

Question Assessment Criteria:

– Explain the main legal requirements in relation to recruitment and selection.

– Assess the strengths and weaknesses of different methods of recruitment and selection.

– Explain why people choose to leave or remain employed by organisations and the costs associated with dysfunctional employee turnover.

– Assess the strengths and weaknesses of different approaches to the retention of talent

• QUESTION 6

Provide a brief summary of the advice you would provide to your organisation on ‘good’ and lawful practice for managing dismissal, retirement and redundancies. Business and Economic Assignment Task

Question Assessment Criteria:

– Advise organisations on good practice in the management of dismissals, retirements and redundancies that complies with current legislation