Advanced Remuneration and Performance Management assignmentPortfolio Instructions Your Portfolio...

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Advanced Remuneration and Performance Management assignment

Portfolio Instructions Your Portfolio will allow you to present your learnings about remuneration and performance in MGT5ARP. You will be able to showcase your personal, educational and career development. The Portfolio will provide a platform to display your achievements and a work in progress to build on throughout your professional career. Increase your employability through enhancing an online presence and professional profile. Portfolio Part A · Part A: Remuneration System/s, Processes and Practices - select key pieces of work that relate to your skills, knowledge, abilities, experiences and critical information · This section should be about 500 words · In the Workshops you will create/or will have created a Model of a Remuneration System – include that in your Portfolio · Be as creative as you can in developing the Model of a Remuneration System · To support your Model of a Remuneration System you need to include three processes/practices that will support the model. These could include conducting market research to compare the remuneration practices of other similar organisations, consultation with staff, training and numerous other practices · Estimated word distribution across sections - the Model could represent one hundred words and each of the practices could be approximately 130 words Portfolio Part B · Part B: Performance Management System/s, Approaches, Evaluation, Negotiations, Practices, Behaviours, Employment Relations, Regulations and Fair Work – select key pieces of work that relate to your skills, knowledge, abilities, experiences and critical information covered in the weekly topic readings and activities · This section should be about 500 words · In the Workshops you will create/or will have created a Model of a Performance Management System – include that in your Portfolio · Be as creative as you can in developing the Model of a Performance Management System · To support your Model of a Performance Management System you need to include three processes/practices that will support the model. These could include setting performance goals, performance reviews, performance appraisals and numerous other practices · Estimated word distribution across sections - the Model could represent one hundred words and each of the practices could be approximately 130 words Important: · Portfolio Part A - include the design elements of a remuneration system, and at least three processes/practices · Portfolio Part B - include the design elements of a performance management system, and at least three processes/practices

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Soumi · Accepted Answer

Running Head: REMUNERATION AND PERFORMANCE MODEL			1
REMUNERATION AND PERFORMANCE MODEL 	2
ADVANCED REMUNERATION AND PERFORMANCE MANAGEMENT
Table of Contents
Portfolio Part A: Remuneration model	3
The created Remuneration Model	3
Supporting the model with three processes or practices	3
a) Conducting market research to compare my model with others	3
b) Consulting with staffs	4
c) Training and other practices	4
Portfolio Part A: Performance model	5
The created Performance Model	5
Supporting the model with three processes or practices	5
a) Setting performance goal	5
b) Performance review	6
c) Performance appraisals	6
References	7
Portfolio Part A: Remuneration model
The created Remuneration Model
Nowadays, the outmoded commission based model is going to be extinct and the performance-based model is rising to take the main position for the agencies or companies. Hence, the Retainer and Performance Based Incentive Payment are showing the strength of it and are revealing itself as the most powerful strategy in today’s business. It is basically an agency earns in an hour based on the supplied resources. According to Bertone, Lagarde and Witter (2016), this Performance Based Incentive Payment (PRIP) is totally depends on the performance of the employee and the performance of the agency, which depends on the performance of every employee, aligns with the marketing objective through this model.
Supporting the model with three processes or practices
a) Conducting market research to compare my model with others
The PRIP model is also called Fee Based model and it shows a guaranteed income for the agency. In comparison to other models, this model has the ability to plan as well as it can help to stretch resources. This model provides the stability as well as strength of a retainer model to add a component for incentive. The agency can predict the profit in advance and on that basic, the company extend their business hence it is never in commensurate (Mallin, Melis & Gaia 2015). This kind of strategy works well with most of the companies and the profit of the company lies when the sales increase. With respect to other models, this model is the best motivating as everyone is working to earn money and they will work when they are being remunerated, hence the company’s profit. 
b) Consulting with staffs
According to Houle et al., (2016), employees are finding for such a performance-based company instead of the traditional model, which is commission, based as it sometimes may reward the company to provide the less effective result. New generation is finding for a new way to reward the agency as well as to receive an appropriate incentive.

Portfolio Instructions Your Portfolio will allow you to present your learnings about remuneration and performance in MGT5ARP. You will be able to showcase your personal, educational and career...

Answer To: Portfolio Instructions Your Portfolio will allow you to present your learnings about remuneration...

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