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5HR03 Evaluate the principles of reward and its importance to organisational culture and performance management: Reward for Performance and Contribution Assignment, UOB, UK
|University of Bedfordshire (UOB)
|5HR03 – Reward for Performance and Contribution
Evaluate the principles of reward and its importance to organizational culture and performance management
Principles of reward: the total reward approach, intrinsic and extrinsic rewards; fairness, consistency and transparency, promoting a culture of trust, balancing internal fairness with external market rates; integrating reward with business objectives; implementing reward policies and practices; role of reward in good work; related legislation and its application.
Importance to organisational culture and performance management: reward strategies that support the organisational culture and values; recognising and rewarding performance; stimulating performance by rewarding for value created; engaging employees to drive performance.
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