Introduction to contingent rewards and types of contingent pay
5HR03 – Reward for performance and contribution
This CIPD Level 5 video introduces contingent rewards and explores the various types of contingent pay covered in unit 5HR03 – Reward for performance and contribution. The video examines how different pay structures, including performance-related pay, competency-related pay, contribution-related pay, skill-based pay, and service-related pay, directly impact individual, team, and organisational performance. By understanding these contingent reward mechanisms, learners will develop the knowledge needed to meet assessment criteria 2.2 and make informed decisions about reward strategies in their HR practice.
Assessment Criteria 2.2
Explain how contingent rewards can impact individual, team and organisational performance.
Indicative Content
Types of contingent pay such as performance-related pay, competency- related pay, contribution-related pay, skill-based pay, service/tenure related pay. Impact on individual, team and organisational performance.
What You'll Learn
Video covering: Introduction to contingent rewards and types of contingent pay
About 5HR03 – Reward for performance and contribution
This unit focuses on how internal and external business factors influence reward strategies and policies, the financial drivers of the organisation and the impact of reward costs and rewarding performance
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