reward june 2013
Post on 19-Oct-2014
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Half day open training event on reward held in Toronto.TRANSCRIPT
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Topical reward issues for the second half of 2013
by Toronto Training and HR
June 2013
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CONTENTS5-6 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 A18-21 Why have a reward strategy?22-26 Developing a reward strategy27-28 Drill B29-30 Job evaluation31-36 Recognition37-38 Applying a reward and recognition program39-40 The four Ps of reward41-48 Trends in 201349-50 Conclusion and questions
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Introduction
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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 banking10 years in training and human resourcesFreelance practitioner since 2006The core services provided by Toronto Training and HR are:
Training event designTraining event deliveryReducing costs, saving time plus improving employee engagement and moraleServices for job seekers
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Definitions
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Definitions• Intrinsic rewards• Types of intrinsic rewards• Extrinsic rewards• Types of extrinsic reward• Reward management• Recognition
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Philosophy of reward management
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Philosophy of reward management
• Strategic sense• Total reward• Differential reward
according to the contribution
• Fairness, equity, consistency and transparency
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Total reward
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Total reward 1 of 2
• Definition• Pay• Benefits• Learning & development• Work environment• Armstrong & Brown model
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Total reward 2 of 2
Total reward
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Conducting a compensation impact
analysis
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Conducting a compensation impact analysis
• Determine the objectives• Identify the market• Gather tools• Share findings up and
down
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The model of effort-reward imbalance
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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
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Drill A
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Drill A
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Why have a reward strategy?
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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
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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
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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
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Developing a reward strategy
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Developing a reward strategy 1 of 4• Organizational strategy
• HR strategy
• Reward strategy
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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
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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
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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
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Drill B
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Drill B
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Job evaluation
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Job evaluation
• A systematic process• Relative or absolute• Analytical or non-analytical• Market pricing
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Recognition
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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
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Recognition 2 of 5
PROGRAMS• Adoption• Type• Standardization• Age• Delivery• Design and reality• Activities
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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
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Recognition 4 of 5RECENT 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
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Recognition 5 of 5RECENT 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
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Applying a reward and recognition program
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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
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The four Ps of reward
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The four Ps of reward
• Pay• Praise• Promotion• Punishment
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Trends in 2013
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Trends in 2013 1 of 7NON 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
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Trends in 2013 2 of 7BUDGETARY 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?
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Trends in 2013 3 of 7TECHNOLOGY• Faster broadband speeds• Cost-effective apps• Mobile access• Tablet applications• Social media
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Trends in 2013 4 of 7GAMIFICATION• Incentives• Virtual currencies• Learning & development
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Trends in 2013 5 of 7NON-CASH REWARDS• Meaningful and challenging
work• Trustworthy and
transparent performance management process
• Praise• Recognition
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Trends in 2013 6 of 7WELLNESS• Exercise• Sleep• Diet• Alcohol and tobacco• Mental health
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Trends in 2013 7 of 7CSR• Ethics and morals• Sustainability• “Green”• Climate change and carbon
footprint
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Conclusion and questions
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Conclusion and questions
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