Flexible benefits, individual differences, and resourcing
5HR03 – Reward for performance and contribution
This CIPD Level 5 learning video, part of unit 5HR03 – Reward for performance and contribution, explores flexible benefits, individual differences, and resourcing in relation to assessment criteria AC 2.3. The video examines the merits of different types of benefits organisations offer, from performance-related pay and profit-sharing to pensions, healthcare, and enhanced leave arrangements, whilst considering how individual differences shape reward preferences. You'll gain practical insight into resource planning, budget development, and how strategically designed benefit packages drive employee engagement, motivation, and retention.
Assessment Criteria 2.3
Explain the merits of different types of benefits offered by organisations.
Indicative Content
Types of benefits offered and merits of each: types of benefits such as performance-related pay; profit-sharing; gainsharing; share ownership; payment by results; bonus schemes; commission; pensions; healthcare; insurance cover; sick pay; enhanced redundancy pay; career counselling; company loans; season ticket loans; company cars; concierge services; fees to professional bodies; enhanced maternity; paternity and adoption leave and pay; childcare; sports and social facilities, etc; flexible benefits; impact of reward costs and ability of organisation to resource these costs; development of budgets and resource recommendations. Individual differences in what is important in their reward; merits of each type of benefit: general merits include increased employee engagement, motivation and commitment to the organisation, reduced churn, helps to attract employees to the organisation.
What You'll Learn
Video covering: Flexible benefits, individual differences, and resourcing
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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