Reward June 2013
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Half day open training event on reward held in Toronto.
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Reward June 2013
- 1. Topical reward issues for the second half of 2013 by Toronto Training and HR June 2013
- 2. CONTENTS 5-6 Definitions 7-8 Philosophy of reward management 9-11 Total reward 12-13 Conducting a compensation impact analysis 14-15 The model of effort-reward imbalance 16-17 Drill A 18-21 Why have a reward strategy? 22-26 Developing a reward strategy 27-28 Drill B 29-30 Job evaluation 31-36 Recognition 37-38 Applying a reward and recognition program 39-40 The four Ps of reward 41-48 Trends in 2013 49-50 Conclusion and questions Page 2
- 4. Page 4 Introduction to Toronto Training and HR Toronto Training and HR is a specialist training and human resources consultancy headed by Timothy Holden 10 years in banking 10 years in training and human resources Freelance practitioner since 2006 The core services provided by Toronto Training and HR are: Training event design Training event delivery Reducing costs, saving time plus improving employee engagement and morale Services for job seekers
- 6. Definitions • Intrinsic rewards • Types of intrinsic rewards • Extrinsic rewards • Types of extrinsic reward • Reward management • Recognition Page 6
- 7. Page 7 Philosophy of reward management
- 8. Philosophy of reward management • Strategic sense • Total reward • Differential reward according to the contribution • Fairness, equity, consistency and transparency Page 8
- 10. Total reward 1 of 2 • Definition • Pay • Benefits • Learning & development • Work environment • Armstrong & Brown model Page 10
- 11. Total reward 2 of 2 Page 11 Total reward Return on investment Change management Engagement Alignment
- 12. Page 12 Conducting a compensation impact analysis
- 13. Conducting a compensation impact analysis • Determine the objectives • Identify the market • Gather tools • Share findings up and down Page 13
- 14. Page 14 The model of effort- reward imbalance
- 15. The model of effort-reward imbalance • Transmitter systems • Imbalance is maintained under certain conditions • The imbalance between high effort and low reward increases the risk of reduced health • Overcommitted people are at increased risk of reduced health Page 15
- 16. Page 16 Drill A
- 17. Drill A Page 17
- 18. Page 18 Why have a reward strategy?
- 19. Why have a reward strategy? 1 of 3 • Can play a central role in shaping reward policies and practices when aligned to the organization‟s culture, values and objectives • Communicate and reinforce what the organization wants to and wants not to reward • Drive change on pay, benefits and wider reward so that it is aligned Page 19
- 20. Why have a reward strategy? 2 of 3 WHY DO THEY NOT DELIVER? • Focus on best practice • Focus on design at expense of shareholders and implementation • Focus on „what‟ outcomes can drive unwanted behaviours • Changes not aligned to the organization‟s culture and values • No clear means of measuring or evaluating success Page 20
- 21. Why have a reward strategy? 3 of 3 WHY DO THEY NOT DELIVER? • Skills and abilities of line managers in implementation • Perceived as a HR initiative and not driven by top leadership • Insufficient two-way communications • Attitudes of employees, line managers and the top team Page 21
- 22. Page 22 Developing a reward strategy
- 23. Developing a reward strategy 1 of 4 • Organizational strategy • HR strategy • Reward strategy Page 23
- 24. Developing a reward strategy 2 of 4 • STRUCTURE AND CONTENT OF A REWARD STRATEGY • Environmental analysis; macro and micro • Gap analysis • A broad-brush approach • Specific initiatives Page 24
- 25. Developing a reward strategy 3 of 4 • MAJOR STRATEGIC REWARD DECISIONS • What to pay employees • How to pay individual employees • What benefits to offer • How to construct recognition programs Page 25
- 26. Developing a reward strategy 4 of 4 • Phase One-diagnosis and specification • Phase Two-design and stakeholder input • Phase Three-test and validate in preparing for implementation • Phase Four-implement, communicate and evaluate Page 26
- 27. Page 27 Drill B
- 28. Drill B Page 28
- 30. Job evaluation • A systematic process • Relative or absolute • Analytical or non-analytical • Market pricing Page 30
- 32. Recognition 1 of 5 • Types of recognition • Why does it matter today? • Sustaining a culture of recognition • The business case • Anticipated benefits • Program effectiveness • Measurable impact Page 32
- 33. Recognition 2 of 5 PROGRAMS • Adoption • Type • Standardization • Age • Delivery • Design and reality • Activities Page 33
- 34. Recognition 3 of 5 PROGRAMS (CONTINUED) • Ensure the program delivers value to its employees • Resolve the tension between manageability and measurability • Evolve recognition so that it becomes a part of the culture Page 34
- 35. Recognition 4 of 5 RECENT RESEARCH • It‟s there but not enough people know about it • HR fails to effectively enable recognition • Highly effective programs result in lower turnover • Many employees state they are recognized annually or not at all • Whilst many employees crave recognition specificity and ease these are not priorities for HR
- 36. Recognition 5 of 5 RECENT RESEARCH (CONTINUED) • Senior leaders are not as important to recognition as HR thinks • Programs help create a recognition culture • Failure to customize external programs or integrate software comes at a price • Programs need to be refreshed frequently Page 36
- 37. Page 37 Applying a reward and recognition program
- 38. Applying a reward and recognition program • Create an award program for peer recognition of a job well done or for going above and beyond in their work • Produce a monthly or quarterly newsletter • Plan an annual firm-wide retreat • Host employee outings • Recognize your employee‟s family including children and pets Page 38
- 39. Page 39 The four Ps of reward
- 40. The four Ps of reward • Pay • Praise • Promotion • Punishment Page 40
- 41. Page 7 Trends in 2013
- 42. Trends in 2013 1 of 7 NON TRADITIONAL REWARD PROGRAMS • Faster ramp-up cycles in keeping events relevant • Use of hybrid and virtual formats • Decision making pushed up the change of command • “Above and beyond” behaviours • Acknowledge performers who are adaptable, collaborative and innovative
- 43. Trends in 2013 2 of 7 BUDGETARY PESSIMISM • Global economic difficulties • “Discount fever” • Changes in vacation choices • Cutting back on gifts but increased usage of gift cards • Are gift cards right for your organization? Page 43
- 44. Trends in 2013 3 of 7 TECHNOLOGY • Faster broadband speeds • Cost-effective apps • Mobile access • Tablet applications • Social media Page 44
- 45. Trends in 2013 4 of 7 GAMIFICATION • Incentives • Virtual currencies • Learning & development Page 45
- 46. Trends in 2013 5 of 7 NON-CASH REWARDS • Meaningful and challenging work • Trustworthy and transparent performance management process • Praise • Recognition Page 46
- 47. Trends in 2013 6 of 7 WELLNESS • Exercise • Sleep • Diet • Alcohol and tobacco • Mental health Page 47
- 48. Trends in 2013 7 of 7 CSR • Ethics and morals • Sustainability • “Green” • Climate change and carbon footprint Page 48
- 49. Page 49 Conclusion and questions
- 50. Page 50 Conclusion and questions Summary Videos Questions