HCM553 Performance Management And Total Rewards Strategy Assignment Sample SUSS Singapore

Performance management is a hot topic in today’s corporate world. With increased demands on employees, managers must be able to recognize and reward their success while also monitoring performance so they caniller improve it when necessary. This course will teach you about different types of approaches that companies have taken for this purpose including annual reviews or “performance appraisals,” informal conversations between top executives called Check-Ins, etcetera. You will also learn about different measures of performance and how to set goals for employees. Finally, you will explore ways to improve employee satisfaction and motivation.

While performance management is necessary for any business, it can be especially tricky in startups. As a startup, you may not have the same resources as a larger company, so you need to be especially efficient with how you use them. One way to do this is by implementing a performance management system that helps you track employee progress and identify areas for improvement.

The second part of this course focuses on total rewards: the universe that motivates performance in organizations from tangible ones such as pay and benefits to more intangible ones, like skills development or finding personal meaning with work. It will offer students an analytically sharpened perspective teach them how design effective reward systems which align well both human capital strategy and overall business plan.

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Assignment Activity 1: Discuss traditional performance management systems and contemporary alternatives.

Traditional performance management systems relied heavily on reviews and ratings to assess employee performance. These reviews were usually done annually, and focused on assessing employees against predetermined goals or objectives.

However, research has shown that such traditional performance management systems are often ineffective and can even be damaging to employees. This is because they can often lead to a lot of stress and pressure for employees, as well as feelings of anxiety and insecurity.

Contemporary alternatives to traditional performance management systems include continuous feedback mechanisms, which provide employees with feedback on their performance on a more regular basis. This allows for more immediate corrective action where necessary, and also helps to build a better relationship between the employee and the manager.

Assignment Activity 2: Analyse reward strategies, models, and systems that balance risk and reward.

There are a number of different reward strategies, models, and systems that balance risk and reward. 

One popular model is the “utility theory” model, which states that people make choices based on the perceived benefits (utilities) of those choices. This theory has been used to explain a wide range of human behaviour, from economic decisions to sexual behaviour.

Another model is the “expected value” model, which calculates the expected value of a choice by multiplying the probability of an event occurring by the amount of gain or loss associated with that event. This model is often used in gambling and investment decisions.

There are also a number of different reward systems that balance risk and reward. The most common system is the “points” system, where people are awarded points for taking risks and can use those points to buy insurance or other benefits. Other systems include the “probability-weighted” system, where the amount of reward is proportional to the probability of success, and the “loss-averse” system, where people are more likely to take risks if they stand to lose more than they stand to gain.

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Assignment Activity 3: Examine total rewards in relation to individual and group performance.

Total rewards can play a role in both individual and group performance. When it comes to individuals, total rewards can act as an incentive to help motivate employees to achieve their best. When it comes to groups, total rewards can provide a way to measure and compare performance between teams. By looking at total rewards, organizations can identify areas where improvements need to be made.

There are a variety of total rewards that can be considered, including pay, benefits, and job satisfaction. All of these factors can contribute to how motivated someone is to perform well. While it is important to offer a competitive salary, it is also important to provide other benefits that employees find valuable. Job satisfaction is another important factor, as it can help employees feel engaged in their work.

When it comes to total rewards, it is important to find the right balance between what is motivating and what is affordable. Offering too many rewards can be expensive, while not offering enough can lead to lower morale and productivity. It is important to find the right mix that meets the needs of both the organization and the employees.

Assignment Activity 4: Design performance management systems that drive individual and organisational outcomes.

There are a few key things to keep in mind when designing performance management systems that will drive individual and organisational outcomes. 

First, it is important to ensure that the goals of the system are aligned with the overall strategy of the organisation. 

Second, the system should be simple and easy to use so that employees can easily understand and comply with it. 

Third, feedback should be timely and actionable so that employees can make improvements quickly. 

Finally, there should be clear consequences for not meeting performance standards so that employees are motivated to perform at their best. By keeping these things in mind, you can design a performance management system that will help your organisation achieve its goals..

Designing a performance management system can be a daunting task, but it is important to remember that the system should be tailored to the specific needs of your organisation. The key is to focus on the goals of the system and ensure that it is easy for employees to understand and comply with. By following these tips, you can create a system that will help your organisation achieve its objectives.

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Assignment Activity 5: Formulate compensation and reward strategies for different employee groups.

There is no one-size-fits-all answer to this question, as the best compensation and reward strategies for different employee groups will vary depending on factors such as the company’s size, industry, and budget. However, some tips for formulating compensation and reward strategies include studying market trends, understanding what motivates employees, and designing programs that fit the company’s culture. Additionally, it is important to ensure that the compensation and rewards are fair and equitable across all employee groups..

One common strategy for rewarding employees is to offer different types of incentives based on their performance. This could include cash bonuses, stock options, or other forms of compensation that are tied to the company’s success. Additionally, non-financial rewards can be very motivating, such as flexible work arrangements, opportunities for professional development, and praise from superiors. Ultimately, the best way to determine the best compensation and reward strategies for different employee groups is to experiment and see what works best for the company and its employees.

Assignment Activity 6: Evaluate the effectiveness of total rewards in achieving organisational objectives.

Total rewards programmes are effective in achieving organisational objectives when they are well-designed and implemented.

A well-designed total rewards programme should be tailored to the organisation’s needs and should reflect its culture and values. It should also be based on a clear understanding of the workforce and its needs. The programme should be regularly reviewed and updated to ensure that it remains relevant and effective.

Implementation of a total rewards programme requires buy-in from senior management and employee engagement at all levels of the organisation. Communication of the programme’s objectives and benefits must be clear, consistent, and ongoing. Employees need to understand how the programme will benefit them individually as well as collectively.

A successful total rewards programme can help an organisation achieve a number of objectives, including attracting and retaining talent, motivating employees, improving productivity, and fostering a culture of high performance.

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