Reward and recognition June 2013
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Half day open training event on reward and recognition held in Mississauga.
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Reward and recognition June 2013
- 1. The rewarding experience gets recognized by Toronto Training and HR June 2013
- 2. CONTENTS 5-6 Definitions 7-8 Base pay 9-10 Total rewards and compensation 11-12 Expectancy theory and reward 13-14 The wage mix 15-18 Wage curves 19-20 Job evaluation 21-22 Managerial reward in Fiji 23-24 Reward risk 25-26 Performance-related reward plans 27-28 Relationship between pay equity and motivation 29-30 What should recognition be like? 31-37 A recognition strategy 38-39 Effective recognition programs 40-41 Peer recognition 42-43 Characteristics of successful programs 44-46 How to reward and recognize employees 47-49 Pay trends in a difficult economy 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 • Pay • Why are rewards given? • Primary objectives of reward systems • Extrinsic and intrinsic rewards • Typical reward categories • Earnings management • Recognition • Types of recognition • Formal and informal recognition Page 6
- 8. Base pay • Job-based pay • Person-based pay Page 8
- 9. Page 9 Total rewards and compensation
- 10. Total rewards and compensation • Direct and indirect • Objectives • Links with other HR functions • Designing a pay-for- performance system Page 10
- 11. Page 11 Expectancy theory and reward
- 12. Expectancy theory and reward Page 12
- 13. Page 13 The wage mix
- 14. The wage mix • Internal factors • External factors Page 14
- 16. Wage curves 1 of 3
- 17. Wage curves 2 of 3
- 18. Wage curves 3 of 3
- 20. Job evaluation Page 20 Non quantitative/ job versus job Quantitative/ job versus job Non quantitative/ job versus scale Quantitative/ job versus scale
- 21. Page 21 Managerial reward in Fiji
- 22. Managerial reward in Fiji • Who sets the criteria for rewards? • Factors likely to have an impact on the achievement of rewards • Criteria used for monitoring management performance • Consequences for unfavourable performance • Meet/Beat targets and incentives Page 22
- 24. Reward risk • Types of reward risk • Rankings of reward risk faced • Perception of reward risk • Reward risks by sector • Changes in the reward risk strategy • Reward risk management • Future risks Page 24
- 26. Performance-related reward plans • Individual performance reward plans • Collective/group short-term incentives • Organization-wide long-term incentives • Criticisms of performance- related reward plans • Importance of contextual factors • International considerations Page 26
- 27. Page 27 Relationship between pay equity and motivation
- 28. Relationship between pay equity and motivation Page 28
- 29. Page 29 What should recognition be like?
- 30. What should recognition be like? • Immediate • Simple • Timed well • Public • Personal • Celebratory • Sincere Page 30
- 31. Page 31 A recognition strategy
- 32. A recognition strategy 1 of 6 Page 32
- 33. A recognition strategy 2 of 6 COMPONENTS • Linkage to business strategy • Three-dimensional • Procedures • Objectives • Continuous improvement Page 33
- 34. A recognition strategy 3 of 6 PROCEDURES • Recognizing day-to-day behaviours • Nominations • Selection criteria • Notification • Selection • Procedure for taxes Page 34
- 35. A recognition strategy 4 of 6 PROCEDURES (CONTINUED) • Event planning guidelines • Process improvement procedures • Process for committees and adding members • Budgeting • Tracking Page 35
- 36. A recognition strategy 5 of 6 MANAGEMENT RESPONSIBILITY • Strategy • Involvement • Resources • Accountability • Review Page 36
- 37. A recognition strategy 6 of 6 OTHER CONSIDERATIONS • Measurement • Communication • Training • Events and celebrations • Change and flexibility Page 37
- 39. Effective recognition programs • Objectives • Assessing impact • Manager • Team member • Why bother with recognition? • How to go about it • Avoiding recognition traps • Praise • Reprimands Page 6
- 41. Peer recognition • Definition • What should an effective program do? • What does it require? • Examples Page 41
- 42. Page 42 Characteristics of successful programs
- 43. Characteristics of successful programs • Immediate • Simple • Timed well • Public • Personal • Celebratory • Sincere Page 43
- 44. Page 44 How to reward and recognize employees
- 45. How to reward and recognize employees 1 of 2 • Link rewards to organizational goals • Involve employee preferences • Communicate the program • Recognize relevant actions • Reward in a timely manner Page 45
- 46. How to reward and recognize employees 2 of 2 TYPES OF INITIATIVE • Public acknowledgement • Token of appreciation • Development opportunities • Low-cost perks Page 46
- 47. Page 47 Pay trends in a difficult economy
- 48. Pay trends in a difficult economy 1 of 2 • Increasing focus on pay for performance • Alignment of compensation with business objectives • Bigger raises-for those who earn them • Smaller merit pay, larger variable pay budgets • Creative budgeting breakouts • Broader compensation benchmarking Page 48
- 49. Pay trends in a difficult economy 2 of 2 • More non-monetary rewards • Recalculation of replacement costs • Huge focus on retention • Restrictions of extra pay • Better communication with employees • Updated compensation policies Page 49
- 50. Page 50 Conclusion and questions
- 51. Page 51 Conclusion and questions Summary Videos Questions