Reward for Performance and Contribution: ABC Pholios Case Study

Case Study: A large private company, ABC Pholios Ltd known as ABC, offer financial portfolio investment advice and management to the public and to companies and government sectors. They run a large team of around 2000 workers across many role types, including large sales teams, consultants, and admin support, as well as employing some financial experts with a high level of technical skills and knowledge. The company has recently expanded its People provision, and you are new to the role of Employee Relations and Reward Manager. The Senior Management Team wants to learn more about different reward options so they can better motivate employees, attract and keep talented people, and improve performance in a competitive industry.

To help them do this they have asked you to provide written answers to the following questions.

When doing so you should make appropriate use of academic literature, legislation, surveys, data intelligence, research and good practical examples to substantiate your response and illustrate key points.  Please ensure that you use reputable sources as indicated on the unit reading list and that all cited sources are correctly acknowledged and presented in full in a bibliography at the end of your answers.

Questions

1. Explain the principles of reward and how, if implemented well, these would support both a positive culture and performance management at ABC. (AC 1.1)
2. Assess the contribution of both intrinsic and extrinsic rewards at ABC in order to both raise the efforts of the workforce and to provide better long-term organisational performance. (AC 1.2)
3. Explain the options ABC could consider for types of grade and pay structures and the differences between them. (AC 2.1)
4. Explain how contingent rewards could impact ABC’s individual, team and organisational performance, based on their types of worker roles. (AC 2.2)
5. Explain three different types of benefits ABC could implement and the advantages these are likely to provide. (AC 2.3)
6. Explain three different recognition schemes that could be used at ABC and explain the benefits these would bring. (AC 2.4)
7. Assess the ways in which the finance sector and ABC business context could shape reward choices at ABC. (AC 3.1)
8. Evaluate the pros and cons of three methods ABC could use to gather and measure data in order to develop insights about their reward choices. (AC 3.2)
9. Explain the different approaches that ABC should consider when choosing job evaluation methods. (AC 3.3)
10. Explain three key legal rights that ABC must understand and comply with when making decisions about reward practices and policies. (AC 3.4)

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Expert Answers on Above Reward Management Case Study

Principles of reward

When it comes to the principles of reward management, it is important that the reward strategy should be fair, transparent, linked to performance and comply with legal requirements. Successful application of reward strategy results in positive satisfaction among employees which in turn motivates them to contribute their best performance in achieving organisational goals.

Intrinsic and extrinsic reward

Intrinsic rewards are mainly in the form of career development, positive recognition that increases engagement among employees and ensures long term commitment. Extensive rewards are in the form of bonuses, additional pay, and extra benefits in order to motivate employees to attract and retain within the organisation.

Grade and pay structures

The pay structures differ significantly in the sense that the traditional graded pay were mainly focussed on clear progression but they remained inflexible. The broadbanding includes fewer grades but they offer greater flexibility. Job family structures are specific to professional groups.

Contingent rewards

Pay based on performance are highly effective in motivating employees, encouraging teamwork and in achieving improved organisational outcomes especially in conditions when targets are realistic and measurable.

Types of benefits

The different types of benefits are pensions, health insurance and flexible benefits. Pension is given to support long term security and retention of employees whereas health insurance is aimed at improving wellbeing of employees. Flexible benefits are given in order to satisfy the needs of diverse employees within the workplace.

Recognition schemes

The important recognition schemes include performance awards given with the objective of reinforcing high achievement, peer recognition aimed at strengthening team work, and service awards in order to encourage loyalty and retention among employees.

Business context and reward choices

The choice of reward is highly affected by the business context, as the financial sector requires rewards to ensure balance between performance incentive and risk management.

Measuring the word effectiveness

Different methods can be employed in order to measure reward effectiveness such as employee surveys, benchmarking and HR analytics.

Job evaluation methods

The job evaluation methods that can be deployed are analytical methods, non analytical methods and market pricing.

Legal rights and compliance

It is important for ABC to ensure compliance with equal pay legislation, minimum wage laws and anti discrimination laws with the objective of ensuring fair and lawful reward practices.

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