future of reward -peter newhouse
TRANSCRIPT
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THE FUTURE OF REWARDPETER NEWHOUSEGLOBAL HEAD OF REWARDUNILEVER
NEW ERA OF HR
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OUTLINE OF THE SESSION
TheVision Three Big
Drivers for Change
How Reward is Evolving
Foundations
for a newReward
Proposition
How RewardWorks
New Directions
1 23 4 5
6
How technology and the new generation are shaping THE FUTURE OF REWARD
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Pay custom tailored to fit Lots of flexibility Easy to deliver Easy to change
THE VISION
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3 BIG DRIVERS FOR CHANGE
CHANGE
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PEOPLE DRIVERS
HOW WE WANT THINGS TO BE
Closed Open Inequitable Fair Erratic Consistent
Incoherent Explainable Rigid Flexible Hierarchical Flat
Zeitgeist
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ORGANISATIONAL DRIVERS
Focus Standardisation Simplification Fewer resources
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3 BIG DRIVERS FOR UNILEVER
1. Purpose driven business model
2. The Extended Organisation
3. Employee Centred
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HOW REWARD IS EVOLVING
Centralised
Independent
De-centralised
Interdependent
Hopelessly Local
Mindlessly Global Multi-Local
Ad-Hoc andInconsistent
One SizeFits All Segmented
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TECHNOLOGY
ENABLER ENABLERCONSTRAINT
Consistency Data Automation
Segmentation Personalisation
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THE OPPORTUNITY
Technology with Humanity aligned to Purpose
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LAYING THE FOUNDATIONS
New Principles New Data & New Technology New ways to look at Reward
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OLD PRINCIPLES
Attract Retain Motivate
Pay More! Pay More!! Pay
More!!!
With only Pay - how do you ….?
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ToughPlace to
WorkATTRACT
GoodPlace to
Work
Lonely Place to
Work
RETAIN
MOTIVATE
THE REWARD PROPOSITIONFI
XED
PAY
VARIABLE PAY
InterestingPlace to
Work?VocationalPURPOSE
The wayyou pay
will AttractRetain &Motivatedifferentkinds ofpeople
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Systems &ProcessesReward
BehaviourValues
Culture
HOW REWARD WORKS
Individual
Collective
Insi
de
Outside
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NEW DATA & NEW TECHNOLOGY
1. Reward Profile – analytics
2. ‘Rate-my-Reward’ – feedback
3. Market Data – positioning
4. Pay Philosophy – authenticity
5. Employee Engagement
6. Business Results
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NEW WAYS TO LOOK AT PAY
NOW SOON LATER AFTER
SALARY
BENEFITS
BONUS
SHARES
PENSION
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NEW STRUCTURES
Time
Leve
l
Cumulative ValueOver time
Trajectory – pay the person not the role
Reward Structure
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NEW DIRECTIONS FOR REWARD
More benefits, less variable pay Reward as long term cash flows Lifestyle alignment “Advances” Giving people what they value
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Pay custom tailored to fit Lots of flexibility Easy to deliver Easy to change
THE FUTURE OF REWARD
THE VISION OF WHERE WE WANT TO BE
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DISCUSSION
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THE FUTUREOF REWARD