The amount of money spent on pay and employee benefits can often account for the largest part of organisational expenditure and therefore managing this correctly is crucial.
Individuals are attracted, retained and engaged by a whole range of financial and non-financial rewards and these can change over time depending on their personal circumstances. Effective managers need to investigate what will achieve this for their team and desired team.
The module provides learners with an increased understanding of the difference between strategic and total rewards, as well as the importance of reward and recognition for employee motivation.
On completion of this course learners will be able to:
• Identify the difference between strategic and total reward
• Describe the different types of pay structure
• Detail a range of benefit options
• Appreciate the importance of reward and recognition for employee motivation
• Recognise the risks in designing a pay strategy