This Assessment is designed to assess your competency in the following unit:
1 Develop organisation's remuneration strategy
2 Implement remuneration strategy
3 Review and update remuneration strategy
Assessment Instructions
- This assignment consists of THREE Tasks
o Assessment Task One: Develop Organisation's Remuneration Strategy
o Assessment Task Two: Implementation a Remuneration Strategy
o Assessment Task Three: Short Research Report
Task One: Develop organisation's remuneration strategy
Your proposed remuneration strategy should cover the following information:
a) List the objectives of the proposed remuneration strategy.
b) List all the remuneration benefits relevant to these jobs, and ensure these benefits are covered under this proposed remuneration strategy
c) List all legislation and changes that you have considered when developing your proposed remuneration strategy.
d) Evidence for research on market rates, and comparison with other organisations
e) Your proposed strategy should motivate employees and make them feel that Sai Educational Institute is their desirable workplace.
f) Show how the proposed strategy links with organisational strategic objectives.
Task Two: Implement remuneration strategy
Assume you are going to implement the proposed strategy, and you want to ensure that the proposed remuneration strategy is acceptable to all.
a) Based on the proposed remuneration strategy, prepare a total salary package for academic and non-academic staff of Sai Educational Institute. This total salary package should include salary, allowances, superannuation, and other benefits, incentive payments etc.
b) Outline the steps to implement the proposed remuneration strategy successfully.
c) Outline how you will review and update the remuneration strategy
d) Outline the factors you would consider and the procedures you would undertaken when reviewing the remuneration strategy.
The following criteria will be used to evaluate your answer:
Clear understanding about the assessment task
Evidence for research and reading
Provide relevant, adequate information to each question (support with theoretical concepts)
Presentation (page number, margin, font size, length date of submission)
Reference ( appropriate referencing method)
Task Three: Short Research Report
Undertake research about the following three topics and prepare a short report on each. You may submit a combined report (not exceeding the total of the word limits on the three individual topics) or an individual report combining all three topics.
1. Superannuation
Conduct research on a selected superannuation fund/scheme. Provide information on:
a) The objective of this scheme
b) Method of implementation
c) Benefits to employees
d) Recent changes
Use real examples and statistical evidence to support your argument
(Length: 300 words)
2. Performance Based Remuneration ( PBR)
The report should cover the following information:
a) Outline the concept of performance based remuneration
b) The objective of this remuneration strategy
c) Method of implementation in the organisation (use any organisation based on your research)
d) Benefits to employees
e) Benefits to employers
f) Disadvantages of this remuneration strategy
Use real examples and statistical information to support your argument.
(Length: 300 words)
3. Fringe benefits
The report should cover the following information:
a) Outline the concept and objectives of fringe benefits
b) Benefits to employees
c) Benefits to employers
d) Fringe Benefits Tax (FBT) and calculating FBT
Use real examples and statistical information to be covered to support your evidence.