Reward System at SLM (Negotiation exercise not less than 1000 words + Report 1000 words)

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Question Description

To develop critical and evaluative thinking by reviewing reward management and other HRM practices in the organisation – SLM Limited and to develop an understanding of contemporary reward theory and practice.

This assessment will be a case study/ role play exercise.Students, in groups of four, representing a management/HR team, will design a new incentive scheme for the case organisation (see case study document). You will then present your proposal to SLM and engage in convincing a second group, representing employees, of the value to SLM.In turn, the roles will be reversed.

. Working as a group you should: (Negotiation exercise)

  • Put forward recommendations for a suitable reward policy and structures at SLM Limited that are based on a critical evaluation of the current situation and will demonstrate good practice in serving the future needs of the business, its clients and its employees.
  • Hold negotiation meetings with union representatives, and explain and justify your recommendations to them, and answer any questions that they might have. In turn, the roles will be reversed.
  • Act as a group of union representatives for another student group putting forward proposal for SLM Limited, and raise any concerns that you might have.

Produce an INDIVIDUAL written report setting out: (Report)

  • your recommendations,
  • your key arguments as put to the union, and
  • An honest assessment as to the outcome of the meeting with the union.In the light of the meeting, how could your recommendations and arguments have been improved?

Note:

-0% plagiarism

-Harverd style referencing.


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Negotiation exercise not less than 1000 words + Report 1000 words Negotiation exercise: You could do this part in separate paragraphs covering the min point that will take place in negotiation, so it makes it easy and simple for negotiation based on case study giving. In this negotiation you will be playing two rolls, first, Hold negotiation meetings with union representatives, and explain and justify your recommendations to them, and answer any questions that they might have. In turn, the roles will be reversed, second, Act as a group of union representatives for another student group putting forward proposal for SLM Limited, and raise any concerns that you might have. Assessment brief: Reward System at SLM Aim Task To develop critical and evaluative thinking by reviewing reward management and other HRM practices in the organisation – SLM Limited and to develop an understanding of contemporary reward theory and practice. This assessment will be a case study/ role play exercise. Students, in groups of four, representing a management/HR team, will design a new incentive scheme for the case organisation (see case study document). You will then present your proposal to SLM and engage in convincing a second group, representing employees, of the value to SLM. In turn, the roles will be reversed. . Working as a group you should: 1. Put forward recommendations for a suitable reward policy and structures at SLM Limited that are based on a critical evaluation of the current situation and will demonstrate good practice in serving the future needs of the business, its clients and its employees. 2. Hold negotiation meetings with union representatives, and explain and justify your recommendations to them, and answer any questions that they might have. In turn, the roles will be reversed. Act as a group of union representatives for another student group putting forward proposal for SLM Limited, and raise any concerns that you might have. 3. 4. a) b) c) The learning outcomes being assessed 1. 2. Produce an INDIVIDUAL written report setting out: your recommendations, your key arguments as put to the union, and An honest assessment as to the outcome of the meeting with the union. In the light of the meeting, how could your recommendations and arguments have been improved? Analyse reward management philosophy and strategy within a case scenario. Review and critically assess the options available to the case organisation in the field of reward, and be aware of the strengths and weaknesses of each option in relation to engagement, the 1 3. threats and opportunities they present and the costs involved. The underpinning theory of motivation will be clearly understood. Participate in the processes of team work helping to design new reward systems and negotiation activities. Report structure 1000 words: Section / Title University coversheet Title page Contents Page Introduction Main body Recommendations Conclusion References Appendices Information on how the task can be completed successfully through guidance Support Details / Guidance Include name, student ID number, unit title and code, assessment title, date of submission. Title of your report. Include page numbers. Introduction; organisation context; aims and objectives of the report and outline of what the report will cover. An evaluative critical analysis of current reward policy and practice. Draw on your analysis of relevant literature and research and from the case itself. Bullet point format Summary of key arguments made in the main body Harvard style (see the Learning Resources website http://lrweb.beds.ac.uk/guides/referencing). Lengthy appendices are not necessary, however you should attach your negotiation meeting minutes including the names of both parties, meeting agenda as well as items negotiated. A good report will: • Have an overall strategic approach to reward in the organisation. • Draw on some relevant literature to support your proposSLM. • Put forward proposSLM to deal with the current problems in the reward system. • Make sure the proposSLM can be defended in terms of fairness, motivation, engagement and career development. • Summarise the justifications for the proposSLM. • Review the meeting with union representatives, and consider to what extent union concerns were addressed in the meeting. • Reflect on the extent to which the proposSLM put to union representatives could have been improved. • Be well written and well presented. You are SLMo expected to use available resources i.e. Learning Resources, online database, practitioner articles and journSLM etc. Word-limit 1000 words maximum (+ or – 10 excluding contents and references) Expectations about the presentation of work Report format (see structure below) Your paper should be submitted as a Microsoft Word document. The English must be clear and coherent using an appropriate style for a business report. 2 Opportunities for reflection You need to reflect on the group discussion on the case solutions as well as negotiation meetings held in the negotiation exercise. Rubric for assessment Criteria Critical evaluation Recommendations Critical reflection Presentation 70% +) EXCELLENT Adopts a highly strategic approach with an excellent understanding of contextual issues. Emergent hot topics SLMo considered where appropriate. Presents a critical review of reward management and HRM practices in the case organisation. A comprehensive assessment of reward options including an assessment of their relative strengths, weaknesses, risks and opportunities as well as the costs involved. Creative thinking applied in order to generate innovative solutions. Recommendations are logically developed from the analysis. Evidence-based arguments demonstrate an excellent understanding of relevant theory. Recommendations are clearly justified in terms of fairness, motivation and engagement. Presents a critical and thorough reflection of the entire group process, drawing on theory where appropriate. Summarises the key arguments put to the union in the meeting itself. Considers the extent to which union concerns were addressed in the meeting. Reflects on the extent to which the proposSLM and justifications could have been improved. Presentation and structure meets the assessment brief to an excellent standard. Concepts expressed with exceptional clarity in a convincing and cogent manner. Excellent referencing. 3 4 SLM LIMITEDCase Study for negotiation meeting and individual report: SLM Limited provides a range of Management consultancy solutions to clients. Most of its work is for SMEs customers, who are looking to design effective management policies in the organisation which includes: training, coaching leadership. The SLM Limited head office is in the UK, however several self-managed work groups operate remotely across several MENA region including Oman, UAE and Qatar which amounts to around 50 highly skilled consultants mostly under the age of 40. SLM Limited employs over 100 staff in the UK, about 100 of them are consultants, who are frequently required to work in small project-based work groups for corporate clients. There is variation in levels of basic pay, hours of work and holidays between UK staff and those employed across MENA region. Head office staff work a 37 hour per week. Working hours in Europe vary from 37 to 42 hours. Holiday entitlements range from 20 – 27 days, depending on the country where staff are located. 30% of staff belongs to a labour union that has been holding regular meetings. The Association has recognised the union for consultation purposes only, but might review recognition if union membership increases. Until the economic downturn last year, the labour market for experienced consultant was buoyant. SLM Limited had previously been able to recruit because it has a policy of paying well – its basic pay is at the upper quartile level for the sector. Consultants were able to gain individual bonuses based on the work they do with clients, and in addition there has been an annual bonus for all staff based on the company’s profits. This annual bonus, which has increased in recent years, was worth £11,000 to the average employee last year. In the last year, the company’s revenue and share price declined markedly. This year it anticipates that the annual bonus payment will be only about a fifth of last year’s, and is forecasting no annual bonus payment for next year. Individual bonuses have similarly been reduced, and the company has informed staff that there will be no cost of living pay increase this year, the first time that this has happened in the history of the organisation. At the moment there are no plans for redundancies and the CEO is hopeful that a freeze on recruitment will ensure no job losses; although staff know that market conditions are poor. Staff turnover has not increased, although sick absence and grievances have risen (from a low base). The introduction of a reward strategy has never been considered but it is clear that these anomalies in reward will soon need to be addressed and further investigation is required as to whether the current reward strategy is motivating and engaging employees. You are a reward consultant appointed by the Board to help them to address this strategic issue. Your initial analysis reveals SLM a confused picture – several different reward systems across the business. It is your professional judgment that there will inevitably be problems of morale and motivation if the situation continues. ...
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ProfAlston
School: New York University

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Negotiation Exercise

Negotiation Exercise
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Negotiation Exercise

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Negotiation Exercise
One of the most essential goals of any business is to maximize its employee
performance to meet organizational goals. It is crucial to maintain high levels of motivation
where possible, not only to increase and aid productivity, but also to help the employees’
psychological wellbeing. The company under study is SLM Limited which provides a range
of management consultancy solutions to clients. Most of its work is for SMEs customers who
look to design effective management policies to the organization which includes: coaching
leadership and training. Effective employee satisfaction and motivation is one of the most
important and most difficult duties of SLM’s management. Innovative firms, including SLM
should experiment with creative, alternative techniques to create an overly enthusiastic
workforce given its business state.
Discussion
The current reward system is that which awards employees with individual bonuses
based on employees’ interaction with the clients. The reward system also gives the employees
annual bonuses based on the profits that are made by the company. There are some
advantages to this approach. It is easier to understand by supervisors and employees and also
to administer. However, being tied to company performance and considering that the
company has been recently performing poorly, the employees are not motivated enough.
There are some traits such as grievances and absenteeism that has been trending in the
company. Well, after a careful review, I found that the problem with the company is that
there are several systems across the business and if the situation continues, there will
inevitably be problems of motivation and morale.

Negotiation Exercise

3

There is thus the need to address this reward strategy and twitch it in such a way that
is unified across the whole company. The current reward strategy is tied to the company
profits. The employees are awarded with bonuses based on the company’s annual profits.
However, as noticed, the company’s profits and share price decreased significantly and the
employees may be paid a fifth of what they were paid during the previous year. Their
individual bonuses may also be reduced because of the company’s financial position. Clearly,
such a situation may affect the motivation and work ethic of the employees.
The new reward strategy would change the relationship between sales growth and
pay thus changing the Ratchet Effect incentives. Under the current reward scheme,
employees would want to take routes with the highest possible revenue so as to maximize the
company’s total profits. The new reward policy that I suggest is that of aligning the pay with
the sales or profits growth rather than sales volume. The bonuses that will be earned by the
employees will depend on whether there is an increment in the profits but not the profits
itself, (Armstrong & Brown, 2006).
Under this approach, SLM will set a basic bonus for all the employees in all of its
given locations regardless of the locations. T...

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