Posted: May 19th, 2022

Getting the new reward scheme right

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A‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍ssignment No 2: Business Report; (2,000 words equivalent) Date of issue: 31 January 2022 Type/Format: Business Report Weighting: 50% Word Count: 2,000 words equivalent. Title: “Getting the new reward scheme right” Submission deadline: Friday 18th May 2022 by 2pm Submission method: Turnitin Feedback from: Friday, 8th June 2022 This assignment will assess Learning Outcomes 2, 3, and 4. It will also cover a range of transferable skills – please see section 7 below for details. Purpose of the Assignment The report asks students to engage with a ‘live’ case study company that they work on throughout the semester. They cover the various theoretical and practical issues relating to reward and then write a business report, making reward recommendations to the company’s directors. Assessment criteria: ? Identification and understanding of the business and reward issues raised in the case study (30%). ? Appropriate recommendations and plan for implementation (30%) ? Use of relevant sources and referencing to support the analysis in 1. and 2. (20%). ? Clarity of expression and a well-structured report (20%). Please note that diagrams, quotes, appendices, and tables do not constitute part of the word allocation. A copy of the feedback sheet/marking grid for this assessment is at appendix 2. Date and validity: This Module handbook is issued in January 2022 and is valid for the academic year 2021/2022 Guidance on how to use independent study time: Prepare for the weekly sessions of the module by reading the chapter(s) and/or article(s) recommended for each session as stated in the table above. After the sessions, you are encouraged to engage with the topics in a broader context by consulting other books & resources, rather than focusing on the views and opinions as presented by one author in one book. Referencing system: The academic referencing system used in the business school is the Harvard Referencing Standards. Students are required to submit a single alphabetical order bibliography list containing all sources used for each piece of work/assignment submitted. For guidelines on the required Harvard referencing style please refer to: Learning Materials/Resources: • Essential Resources: Core Texts for Employee Rewards PERKINS, S. J. and JONES, S. (2020) Reward Management: Alternatives, Consequences and Contexts, 4th edition. London: CIPD-Kogan Page (this has also E-book version) ROSE, M. (2018) Reward Management: A Practical Introduction, CIPD, London Core Texts for Employee Resourcing Taylor, Stephen (2021) Resourcing & Talent Management 8th Edition, CIPD, London • Recommended Resources: Employee Reward: ARMSTRONG, M. (2019) Handbook of employee reward management practice: improving performance through reward. 6th edition. London: Kogan Page ARMSTRONG, M. and CUMMINS A. (2015) The reward management tool-kit. London: Kogan Page ASHDOWN, L. (2018). Performance Management. A Practical Introduction. London: CIPD-Kogan Page FISHER . (2015) Strategic reward & recognition: improving employee performance through nonmonetary incentives. London: Kogan Page. PERKINS, S. J. and WHITE, G. (2016) Employee reward: alternatives, consequences and contexts, 3rd edition. London: CIPD Employee Resourcing: CIPD & Hays (2018) Resourcing & Talent Planning: Annual survey report 2018, CIPD, London 8 Hodges, J (2017) Consultancy, Organisational Development and Change: A Practical Guide to Delivering Value, Kogan Page, London Slot, O; Timson, S; Warr, C (2017) The Talent Lab: The secret to finding, creating, and sustaining success; Kogan Page, London Sparkman, R (2018) Strategic Workforce Planning: Developing Optimised Talent Strategies for Future Growth, Kogan Page, London Swann, A (2017) The Human Workplace: People-Centred Organisational Development; Kogan Page, London Rees, G & French, R (2016) Leading, Managing and Developing People; CIPD, London Torrington, D et al (2017) Human Resource Management, Pearson • Other Resources: Journals Harvard Business Review Industrial Relations International Journal of HRM International Journal of Training and Development Journal of Human Resources Management Journal of Management Management Decision Websites Other Learning Resources Google Scholar; YouTube, journal articles; topic specific reports. Arbitration, conciliation, and advisory service Chartered Institute of Personnel and Development (including People Management) Health and Safety Executive Government Website portal Employment Questions and Answers Employment and demographic statistics Trade Union Website “Getting The New Reward Scheme Right” – Flash! Report 1. Introduction For further background information, you should refer to the materials on Flash! identified as relevant that were covered during the term and your own research into advertising and marketing agencies. You are now the HR Manager at Flash! – a small London advertisi‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍ng agency. You were asked by the company’s Board of Directors to consult with the various departments to “check how it is going” regarding a new reward scheme introduced a couple of months ago. You are particularly concerned that the new scheme may have been introduced hurriedly by the Board (they took some advice from the outgoing HR Director who then left). Indeed, the feedback you have received has raised some “interesting” issues that now need to be resolved. 2. Business perspective • The company has set itself some ambitious growth targets for the next three years. In the next business year which begins in July, Flash! Is looking to grow overall turnover by 25% and profitability by 15%. This growth is expected to come from the acquisition of more work from both existing and new clients. • It will be integrating personnel from the acquisition of a much smaller creative agency who arrive in July, which is the start of the company’s new financial year. • A new IT system is scheduled for implementation during 2021-22. • An office move is planned for the second quarter of the year to accommodate the company’s predicted current and future growth. 2 The new reward scheme sought to provide appropriate incentivisation for employees, over and above their existing basic pay/salary (negotiated on an individual basis) and a few of the most popular benefits offered by private sector firms generally (enhanced annual leave, paid time-off for bereavement, life assurance, a recently-introduced discounted gym membership). The HR department monitors its market competitiveness for salaries through feedback from recruitment and exit interviews, and through networking with contacts in other agencies. From this, the company appears broadly competitive with others in similar-sized organisations in the sector. Worryingly, staff turnover has been rising inexorably, particularly in the account management and creative departments. As a major commercial and creative ‘hub’, London is a particularly competitive advertising market in the “war for talent”. In exit interviews that you have conducted, a fairly consistent theme is the fact that, as one employee said: “I really don’t think I am valued – we work very long hours and I don’t feel that we get recognised enough for it”. 3. The new reward scheme The scheme that the directors went for is as follows: • An annual bonus to be awarded to all employees based on the achievement of profitability targets. The scheme has a ceiling maximum award of 3% of total pay/salary and is payable three months after the end of the financial year. • A bonus scheme for the company’s Business Development team that rewards them for surpassing their sales targets. This enables them to earn up to an additional 25% of salary. 3 Your feedback discussions in the departments have revealed that: • Business Development and Marketing are generally fine with it although the small complement of marketing staff feel “left out” • It is a widely-held view in the Account Management department that they “cannot see anything in it for us”. The rumblings have been particularly vociferous amongst a number of the older, more senior account directors. • A number of Media Buyers have complained that they do not feel sufficiently well-recognised for the cost-savings they make for clients and the firm. • In the Creative department, yesterday saw the announcement of more departures – this time one of the young, up-and-coming, and extremely promising art director/copywriter teams: they have been headhunted by a rival agency. You spoke with them both – their view is that “we just don’t see the company as a stimulating place to be”. • The representatives from Support Services didn’t contribute anything – they said they were much too busy to talk. The Finance Director did say though that he thought the scheme was “imprudent and potentially very costly”. 4. Your task You have been asked to write a REPORT that you will submit to the board. Informally, you have already shared some of your findings with the Managing Director: she has asked you to address the following questions. She has asked you to use appropriate, well-explained theoretical models as well as practical solutions, because the Board members are not experts in HR or Reward. You are to answer ALL the questions below in the report. 4 1a. Identify clearly the specifics of what has gone wrong with the new reward scheme and why. 1b. What are the potential consequences for the organisation if they continue with the scheme? 2. Define how the company should address these reward problems, with your recommendations for changes to the scheme that should be considered, and an outline plan for how/when they should be implemented during the coming year. 5. Assessment criteria 1. Identification and understanding of the business and reward issues raised in the case study (30%). 2. Conclusions and appropriate recommendations, including an action plan for their implementation (30%) 3. Use of relevant sources and referencing to support the analysi‌‍‍‍‌‍‍‌‌‍‍‍‌‍‍‍‍‌‍‍s and recommendations in 1. and 2. (20%). 4. Clarity of expression and a well-structured report (20%)

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