total reward april 2013
DESCRIPTION
Half day open training event on total reward held in Toronto, Canada.TRANSCRIPT
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A totally rewarding experience
by Toronto Training and HR
April 2013
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Contents3-4 Introduction to Toronto Training and HR5-6 Definition7-8 Identifying characteristics9-10 Types of rewards11-12 Attraction and retention drivers13-14 Things to understand15-16 Measures17-18 Strategies and brands19-20 Risk assessment21-23 What should a strategy address?24-26 Allocating resources27-28 What do high-performing organizations do?29-30 Variable pay metric options31-32 The linkage model33-34 Four quadrant model35-36 Applying six sigma methodology37-38 Phases of change39-40 Mediocre execution41-42 Barriers to be overcome43-45 Sales incentive design mistakes46-47 Factors to move the profession forward 48 Case studies49-50 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 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
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Definition
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Definition• What is total reward?• The total rewards model• Goals for developing a
total reward philosophy• Objectives of a
framework• Priorities for 2013
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Identifying characteristics
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Identifying characteristics• Program• Value
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Types of rewards
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Types of rewards• Foundational rewards• Performance-based
rewards• Career and environmental
rewards
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Attraction and retention drivers
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Attraction and retention drivers• All employees • High-potential employees
• Generational differences
• Engagement
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Things to understand
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Things to understand• What really drives the
workforce• The relationship between
total rewards and the employee value proposition
• How to develop programs that balance cost and employee value
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Measures
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Measures• Cost v budget• Employee engagement• Employee turnover• Rate of cost increase• SMART business
objectives• Employee satisfaction
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Strategies and brands
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Strategies and brands
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Risk assessment
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Risk assessment• Alignment risk• Execution risk• Financial risk• Regulatory risk
• Risk mitigation
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What should a strategy address?
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What should a strategy address?
1 of 2• Strategic perspective• Statement of overall
objectives• Prominence• Performance measures• Competitive market
reference points• Competitive positioning
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What should a strategy address?
2 of 2• Degree of internal equity
and consistency• Communication and
involvement• Governance
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Allocating resources
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Allocating resources 1 of 2GOING UP• Wellness programs• Manager coaching• Training• Career development
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Allocating resources 2 of 2GOING DOWN• Retiree medical• Pension• Healthcare• Concierge services
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What do high-performing
organizations do?
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What do high-performance organizations do?
• Articulate strategies and objectives
• Balance more inputs for decision-making
• Connect to the organization and employees
• Define effectiveness differently
• Earn better outcomesPage 28
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Variable pay metric options
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Variable pay metric options• Sales programs• HR related program
measures• Production performance
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The linkage model
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The linkage model• People systems and
programs• Employee behaviour• Customer behaviour• Financial performance
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Four quadrant model
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Four quadrant model
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Environment Development
Benefits Compensation
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Applying six sigma methodology
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Applying six sigma methodology
• Define• Measure• Analyze• Improve• Control
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Phases of change
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Phases of change• Catching up• Moving forward• Pulling ahead
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Mediocre execution
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Mediocre execution• Navigating without a
map-no clear link to business strategy
• Navigating without a compass-not relying on hard data and metrics
• Navigating without radar and sonar-not hearing the voice of the employee
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Barriers to be overcome
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Barriers to be overcome• Little or no awareness of total
rewards objectives• Leaders not being aligned• Cultural barriers • Organization structure
changes• Budget constraints• HR structure, governance and
decision rights• HR resource constraints• Global framework • Local application
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Sales incentive design mistakes
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Sales incentive design mistakes 1 of 2• Trying to keep everybody
happy• Failing to separate novices
from veterans• Negative reward on high
productivity• Targeting prizes towards entire
sales force• Planning a contest with no
sales force inputPage 44
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Sales incentive design mistakes 2 of 2• Leaving top management out
of the plan• Being a do-gooder• Being inflexible• Hoping for X whilst rewarding
Z• Forgetting that good
salespeople always work for their own good first
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Factors to move the profession forward
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Factors to move the profession forward • Enhancing employee
engagement• Quantifying HR impact• Effectively
communicating• Tying rewards to strategy
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Case studies
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Conclusion and questions
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Conclusion and questions• Summary• Videos• Questions