Cash and Non-Cash Recognition Awards
5HR03 – Reward for performance and contribution
This CIPD Level 5 learning video for unit 5HR03 – Reward for performance and contribution explores cash and non-cash recognition awards, directly addressing assessment criteria AC 2.4 on the merits of different recognition schemes. The video examines the distinctions between formal and informal recognition approaches, including day-to-day recognition, public acknowledgement, cash awards, and non-cash alternatives such as gifts, vouchers, and tickets. By watching, you'll gain a comprehensive understanding of how organisations can effectively combine monetary and non-monetary recognition strategies to motivate employees and reinforce desired behaviours.
Assessment Criteria 2.4
Explain the merits of different types of recognition schemes offered by organisations.
Indicative Content
Differences between formal and informal recognition; day-to-day recognition; public recognition; cash awards; value of cash awards; non-cash awards such as gifts, vouchers, tickets.
What You'll Learn
Video covering: Cash and Non-Cash Recognition Awards
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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