Evaluate the principles of reward and its importance to organisational culture and performance management

Indicative content:

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.