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Reward Management ONL709 Week 1 - Coggle Diagram
Reward Management ONL709 Week 1
Why is it important?
Security for employee
Retention of staff
Retain capabilities, skills and experience
Motivate workforce
Pyramid
Organisation mission statement
breakdown what is needed (skills and capabilities)
Organisational goals
Department goals
Review turnover & retention
skills and labour market in market sector / benchmarking of similar organisations in sector
Employee goals
Feel valued
fair, transparent and consistent pay structure
dedicated to meeting org goals and therefore org missions statement
How does HAS benchmark salaries against other competitors
What issues if HAS didn't benchmark
Grading structure objectives
equity, fairness and consistency
internal structure and external labour market
reward performance & increase skills and competence
operational flexibility & continuous development
career paths
control and communication
Types
manual / non-manual
hourly / salaried
career families 'finance, marketing...'
individual or collective
narrow or wide scope
Types
Narrow-graded structure
min/max £, spine points
Pay spines
commonly public services / often link to national/local pay structure - figure 4.3 HED pay spine and model
'spot rates' / 'rate for the job'
each job has a rate
Individual job ranges
employee has own range
Broad bands
floor and ceiling range is wide
Firgure 4.4 and 4.5
Job families/career grades
set of jobs based around common activities, but conducted at different levels