Final Assessment 40572/35 Final Assessment (7RWM) It is now time to complete your final assessment. When you have completed your assessment, please submit it below. Before submitting, please ensure that your assessment cover sheet has been inserted as page one and all the details are complete. Without this information your assessment cannot be marked. This assessment is designed to assess the following learning outcomes: • Explore the conceptual apparatus and theoretical debates informing reward management • Critically discuss traditional, contingent and knowledge bases for transactional and relational rewards • Critically evaluate key issues in reward management. Evaluating the Effectiveness of Performance Related Pay Preliminary Tasks 1. Research and identify the advantages and disadvantages of performance related pay from both theoretical and practical perspectives. 2. Identify a performance related pay scheme in your organisation or an organisation with which you are familiar and clearly identify its aims and objectives. 3. Arrange a semi-structured interview with one or more managers responsible for the scheme and three employees rewarded by the scheme. Then ask both managers and employees the following questions. o (adapted from Armstrong, 2002): 2. How is good and poor performance measured and/or identified? 3. Have the causes of good and poor performance been established? 4. How is performance rewarded (both positive and negative)? 5. Is the way in which performance is rewarded fair? 6. Are there any inconsistencies in the way performance is rewarded? It is important that you probe and get as much information as possible from both managers and employees. On completion of the above tasks, provide a report of a maximum of 3000 words to your Chief Executive Officer that: 1. Critically evaluates how the aims and objectives of the scheme are underpinned by the theoretical and practical perspectives and fit with the organisation’s aims and objectives. 2. Critically evaluates the effectiveness of the scheme. 3. Presents conclusions as to whether the scheme meets its objective and those of the organisation and provides recommendations for the management of performance related pay in the organisation. Marking Criteria Learning Outcome 2 - Explore the conceptual apparatus and theoretical debates informing reward management. Learning Outcome 3 - Critically discuss traditional, contingent and knowledge bases for transactional and relational rewards. Learning Outcome 6 - Critically evaluate the key issues in reward management. 1. Provide a critical review of performance related pay from a number of perspectives (See for example, Perkins and White, 2008: Chapter 5) and evaluate how the aims and objectives of the scheme are supported or not supported by the theoretical or practical assumptions. Candidates should also show how the scheme supports organisational aims and objectives and provides a clear judgement on the degree 2. In evaluating the effectiveness of the scheme, candidates could consider some of the following: 1. Is it clear what is being assessed? 2. Does the scheme accurately measure performance? 3. Is the link between performance and pay clear? 4. Is it ethical?  Candidates should identify appropriate evaluative criteria and present a clear judgement on the effectiveness of the scheme. 3. Conclusions should be: 1. Clear, and succinctly expressed. 2. Evidence-based (i.e., supported by the evidence and analysis presented in the report). 3. Meaningful (i.e., say something that would not have been established if the study had not been done). Distinction Knowledge and Understanding – The candidate demonstrates an excellent understanding of the major advantages and disadvantages of performance related pay from both a theoretical and practical perspective and employs extensive and appropriate referencing to support arguments. The candidate demonstrates an excellent understanding of recent research and organisational practice throughout. Business Orientation/Application Capability– The evaluation is critical, adopts a strategic and evidence based approach and comprehensively relates theory to practice in assessing organisational fit. Application Capability – From this the candidate is able to identify evaluative criteria to assess the effectiveness of the scheme and make comprehensive conclusions logically developed from the analysis. Application Capability/Presentation and Persuasion – Recommendations are (i) Useful (i.e. lead to improved outcomes, or financial savings, or both) and (ii) SMART (specific, measurable, agreed upon, realistic and time-based). Presentation and Persuasion – Presentation and structure of assessment evidence is excellent. Concepts are expressed with exceptional clarity in a convincingly persuasive and cogent manner. Merit Knowledge and Understanding – The candidate demonstrates a very good understanding of most of the major advantages and disadvantages of performance related pay from both a theoretical and practical perspective, and employs acceptable and relevant referencing to support arguments. The candidate demonstrates a very good understanding of recent research and organisational practice throughout. Business Orientation/Application Capability – The evaluation is be critical, has a clear business focus, adopts an evidence based approach and competently relates theory to practice in assessing organisational fit. Application Capability – From this the candidate is able to identify some evaluative criteria to assess the effectiveness of the scheme and makes appropriate conclusions drawn from the analysis. Application Capability/Presentation and Persuasion – Recommendations are (i) Useful (i.e. lead to improved outcomes, or financial savings, or both) and (ii) SMART (specific, measurable, agreed upon, realistic and time-based). Presentation and Persuasion – Presentation and structure of assessment evidence is good. Concepts are clearly and concisely expressed in a confident and persuasive manner. Pass Knowledge and Understanding – The candidate demonstrates a good understanding of some of the major advantages and disadvantages of performance related pay from both a theoretical and practical perspective and employs acceptable but limited referencing to support arguments. The candidate demonstrates some understanding of recent research and organisational practice throughout. Business Orientation/Application Capability – The evaluation is critical, has a business focus and adopts an evidence based approach, satisfactorily relating theory to practice in assessing organisational fit. Application Capability – From this the candidate is able to identify some evaluative criteria to assess the effectiveness of the scheme and makes sound conclusions broadly aligned to the analysis. Application Capability/Presentation and Persuasion – Recommendations are (i) Useful (i.e. lead to improved outcomes, or financial savings, or both) and/or (ii) SMART (specific, measurable, agreed upon, realistic and time-based). Presentation and Persuasion – Presentation and structure of assessment evidence is acceptable. Concepts are expressed in a clear and systematic manner. Fail Knowledge and Understanding – The candidate demonstrates a poor understanding of some of the major advantages and disadvantages of performance related pay from both a theoretical and practical perspective and includes inadequate referencing to support arguments. The candidate demonstrates little or no understanding of recent research and organisational practice throughout. Business Orientation/Application Capability – The evaluation lacks a critical perspective, has limited business focus and fails to adopt an evidence based approach and relate theory to practice in assessing organisational fit. Application Capability – The candidate is unable to identify appropriate evaluative criteria to assess the effectiveness of the scheme and fails to make appropriate conclusions drawn from the analysis. Application Capability/Presentation and Persuasion – Recommendations are neither (i) Useful (i.e. lead to improved outcomes, or financial savings, or both) or (ii) SMART (specific, measurable, agreed upon, realistic and time-based). Presentation and Persuasion– Presentation and structure of assessment evidence is unacceptable. Candidate fails to express concepts clearly, systematically/or confidently.