Protection, lifestyle, and family-friendly benefits
5HR03 – Reward for performance and contribution
This CIPD Level 5 learning video explores protection, lifestyle, and family-friendly benefits as part of unit 5HR03 – Reward for performance and contribution, addressing assessment criteria AC 2.3. The video examines how organisations can offer benefits such as enhanced maternity, paternity and adoption leave, childcare support, healthcare coverage, insurance, sick pay, and lifestyle perks like season ticket loans and concierge services. By understanding the merits of these benefit types, you'll learn how they drive employee engagement, motivation and retention whilst considering the resource implications for your organisation.
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: Protection, lifestyle, and family-friendly benefits
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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