Reward your people! March 2012
•Transferir como PPTX, PDF•
3 gostaram•928 visualizações
Half day open training event held in Toronto, Canada.
Recomendados
Mais conteúdo relacionado
Mais procurados
Mais procurados (20)
Destaque
Destaque (8)
Semelhante a Reward your people! March 2012
Semelhante a Reward your people! March 2012 (20)
Mais de Timothy Holden
Mais de Timothy Holden (20)
Último
Último (20)
Reward your people! March 2012
- 1. Reward your people! by Toronto Training and HR March 2012
- 2. 3-4 Introduction to Toronto Training and HR 5-6 Definition Contents 7-8 9-11 In the beginning Elements of a reward system 12-14 Base of rewards 15-16 Totally rewarding 17-18 Reward equity 19-20 Questions to ask 21-24 A successful reward strategy 25-26 Comparison of employers’ and employees’ views on motivational rewards 27-28 Strategic reward management 29-30 What recognition needs to be 31-38 Points to consider with non-financial reward 39-42 Pay and benefits during an economic downturn 43-44 Reward & recognition on a modest budget 45-46 Primary variables of executive reward 47-48 Typical executive reward frameworks 49-50 Concerns when designing executive rewards 51-52 Expatriates 53-54 Case study 55-56 Conclusion and questions Page 2
- 3. Introduction Page 3
- 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 - Improving employee engagement & morale - Services for job seekers Page 4
- 5. Definition Page 5
- 6. Definition What is reward management? Page 6
- 7. In the beginning… Page 7
- 8. In the beginning… Extrinsic and intrinsic rewards Page 8
- 9. Elements of a reward system Page 9
- 10. Elements of a reward system 1 of 2 Base pay and variable pay (‘pay at risk’) Additional pay like: Individual performance-related pay Bonuses Incentives Commission Page 10
- 11. Elements of a reward system 2 of 2 Service-related pay Skill-based pay (knowledge-based pay) Competence-related pay Allowances Contribution-related pay Page 11
- 12. Base of rewards Page 12
- 13. Base of rewards 1 of 2 CHOICES UPON WHICH TO BASE PAY ARE: The job based Person based Skill based Page 13
- 14. Base of rewards 2 of 2 PERFORMANCE AND INCENTIVIZATION: Questions to ask Types of incentives Internal v external Centralized v decentralized Page 14
- 15. Totally rewarding Page 15
- 16. Totally rewarding Definitions Tangible and intangible Reward elements Page 16
- 17. Reward equity Page 17
- 18. Reward equity Quick poll Fairness-does it matter? Frequency of employee concerns View of senior management Criteria impacting reward fairness Drivers in determining rewards Perceptions of reward fairness Page 18
- 19. Questions to ask Page 19
- 20. Questions to ask How do we set the necessary level of expenditure on employee reward? How can the substance and process of employee reward be used, if at all, to influence employee work attitudes and behaviours? Page 20
- 21. A successful reward strategy Page 21
- 22. A successful reward strategy 1 of 3 KEY PRINCIPLES Recruit and retain the right people Invest in them Agree clear objectives Set standards and examples The payback Link reward to the organization’s success Page 22
- 23. A successful reward strategy 2 of 3 STRATEGIC ISSUES IN THE DESIGN OF REWARD SYSTEMS Base of rewards Performance and incentivization – scope for progression Market position Internal versus external comparison Degree of pay hierarchy Centralized versus decentralized reward Page 23
- 24. A successful reward strategy 3 of 3 STRATEGIC ISSUES IN THE DESIGN OF REWARD SYSTEMS Reward mix Process issues Reward systems –consequences/integration Performance-related pay Page 24
- 25. Comparison of employers’ and employees’ views on motivational rewards Page 25
- 26. Comparison of employers’ and employees’ views on motivational rewards Attraction Retention Motivation Page 26
- 27. Strategic reward management Page 27
- 28. Strategic reward management Create a positive and natural reward experience Align rewards with business goals to create a ‘win- win’ partnership Extend people’s line of sight Integrate rewards Reward individual ongoing value with ‘base pay’ Reward results with variable pay Page 28
- 29. What recognition needs to be Page 29
- 30. What recognition needs to be Visible Prevalent Memorable Personal and spontaneous Page 30
- 31. Points to consider with non-financial reward Page 31
- 32. Points to consider with non- financial reward 1 of 7 Evolution in employment systems is reported as creating the conditions under which what is included in the effort-reward bargain needs to be rethought, especially when managements wish to secure discretionary effort and a sense of identification among employees for whom ‘pay and benefits’ provide only part of the employer’s consideration Page 32
- 33. Points to consider with non- financial reward 2 of 7 While flexible benefits may go some way to addressing workplace diversity issues, ideas grouped under the logic of ‘total reward’ are promoted by commentators as building blocks for still further customization, with the prospect of achieving a distinctive employment proposition Page 33
- 34. Points to consider with non- financial reward 3 of 7 Definitions of non-financial reward are multi- faceted and often complex, requiring dissection of the elements to facilitate detailed cost-benefit analysis while simultaneously seeking to promote holistic ‘employment experience’ value greater than the sum of the parts Page 34
- 35. Points to consider with non- financial reward 4 of 7 To interpret and evaluate the alternatives and possible consequences of a total rewards approach, it is helpful to apply multidisciplinary theoretical issues Page 35
- 36. Points to consider with non- financial reward 5 of 7 Research findings suggest that senior managers and total rewards policy designers need to pay particular attention to front-line managers if expectations from investment in employee engagement using total rewards are not to be misplaced Page 36
- 37. Points to consider with non- financial reward 6 of 7 Unpacking the total reward portfolio may bring tensions to the surface between the reward elements and their management, which managers need to reflect on carefully and be clear about what may be needed to mitigate/compromise on before committing to strategic decisions that may be deemed unsuitable for the organization, its principals and/or workforce members Page 37
- 38. Points to consider with non- financial reward 7 of 7 The ethical and moral dimensions of ideological initiatives intended to secure voluntary identification between individual employees and the organization need to be understood and acted on in framing policy choice and their detailed application Page 38
- 39. Pay and benefits during an economic downturn Page 39
- 40. Pay and benefits during an economic downturn 1 of 3 In bad times, a business strategy must be seen to be fair, so have a two-way conversation with employees to ensure the package appeals to all As things improve set rewards based on people’s impact on the organization Page 40
- 41. Pay and benefits during an economic downturn 2 of 3 Be creative and consider non-financial incentives if money is tight, perhaps linked to improving work-life balance Know when you should reward your best people financially, however tough business is Ensure the rewards drive future skills and performance so they add value to both the individual and the organization Page 41
- 42. Pay and benefits during an economic downturn 3 of 3 When trade improves scale-up your benefits to renew the psychological contract you have with your employees Don’t ignore the need for effective workforce planning Analyze what the downturn told you about which benefits your employees really appreciated and which do not need to be reintroduced Page 42
- 43. Reward & recognition on a modest budget Page 43
- 44. Reward & recognition on a modest budget Advancement opportunities Official letter of appreciation Certificates Paid time off Lunch with the CEO Team lunch or dinner Public photo display Handwritten notes of thanks Page 44
- 45. Primary variables of executive reward Page 45
- 46. Primary variables of executive reward Fixed compensation independent of firm performance, versus variable reward (tied to a performance measure) Current compensation accruing at the end of the year versus deferred compensation accruing in later years Page 46
- 47. Typical executive reward frameworks Page 47
- 48. Typical executive reward frameworks Salary Annual performance incentive bonus Share options Share awards Pension Page 48
- 49. Concerns when designing executive rewards Page 49
- 50. Concerns when designing executive rewards The internal environment unique to each organization The range of stakeholders with an interest in the organization, its governance and consequences The external environment that is likely to comprise factors outside the control of the organization and its management Disclosure and transparency Page 50
- 51. Expatriates Page 51
- 52. Expatriates Definition Typical length of assignment Home-based salary build-up plus foreign service premium added to cash supplements for hardships Cost of living adjustment Housing allowance Foreign assignment allowance Page 52
- 53. Case study Page 53
- 54. Case study Page 54
- 55. Conclusion and questions Page 55