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Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
Reward and recognition June 2013
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Reward and recognition June 2013

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Half day open training event on reward and recognition held in Mississauga.

Half day open training event on reward and recognition held in Mississauga.

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  • 1. The rewarding experience getsrecognizedby Toronto Training and HRJune 2013
  • 2. CONTENTS5-6 Definitions7-8 Base pay9-10 Total rewards and compensation11-12 Expectancy theory and reward13-14 The wage mix15-18 Wage curves19-20 Job evaluation21-22 Managerial reward in Fiji23-24 Reward risk25-26 Performance-related reward plans27-28 Relationship between pay equity and motivation29-30 What should recognition be like?31-37 A recognition strategy38-39 Effective recognition programs40-41 Peer recognition42-43 Characteristics of successful programs44-46 How to reward and recognize employees47-49 Pay trends in a difficult economyPage 2
  • 3. Page 3Introduction
  • 4. Page 4Introduction to Toronto Trainingand HRToronto Training and HR is a specialist training andhuman resources consultancy headed by Timothy Holden10 years in banking10 years in training and human resourcesFreelance practitioner since 2006The core services provided by Toronto Training and HRare:Training event designTraining event deliveryReducing costs, saving time plus improvingemployee engagement and moraleServices for job seekers
  • 5. Page 5Definitions
  • 6. Definitions• Pay• Why are rewards given?• Primary objectives of rewardsystems• Extrinsic and intrinsic rewards• Typical reward categories• Earnings management• Recognition• Types of recognition• Formal and informalrecognitionPage 6
  • 7. Page 7Base pay
  • 8. Base pay• Job-based pay• Person-based payPage 8
  • 9. Page 9Total rewards andcompensation
  • 10. Total rewards and compensation• Direct and indirect• Objectives• Links with other HR functions• Designing a pay-for-performance systemPage 10
  • 11. Page 11Expectancy theory andreward
  • 12. Expectancy theory and rewardPage 12
  • 13. Page 13The wage mix
  • 14. The wage mix• Internal factors• External factorsPage 14
  • 15. Page 15Wage curves
  • 16. Wage curves 1 of 3
  • 17. Wage curves 2 of 3
  • 18. Wage curves 3 of 3
  • 19. Page 19Job evaluation
  • 20. Job evaluationPage 20Nonquantitative/job versus jobQuantitative/job versus jobNon quantitative/job versus scaleQuantitative/job versus scale
  • 21. Page 21Managerial reward in Fiji
  • 22. Managerial reward in Fiji• Who sets the criteria forrewards?• Factors likely to have animpact on the achievement ofrewards• Criteria used for monitoringmanagement performance• Consequences for unfavourableperformance• Meet/Beat targets andincentivesPage 22
  • 23. Page 23Reward risk
  • 24. Reward risk• Types of reward risk• Rankings of reward risk faced• Perception of reward risk• Reward risks by sector• Changes in the reward riskstrategy• Reward risk management• Future risksPage 24
  • 25. Page 25Performance-relatedreward plans
  • 26. Performance-related reward plans• Individual performance rewardplans• Collective/group short-termincentives• Organization-wide long-termincentives• Criticisms of performance-related reward plans• Importance of contextualfactors• International considerationsPage 26
  • 27. Page 27Relationship between payequity and motivation
  • 28. Relationship between pay equityand motivationPage 28
  • 29. Page 29What should recognitionbe like?
  • 30. What should recognition be like?• Immediate• Simple• Timed well• Public• Personal• Celebratory• SincerePage 30
  • 31. Page 31A recognition strategy
  • 32. A recognition strategy 1 of 6Page 32
  • 33. A recognition strategy 2 of 6COMPONENTS• Linkage to business strategy• Three-dimensional• Procedures• Objectives• Continuous improvementPage 33
  • 34. A recognition strategy 3 of 6PROCEDURES• Recognizing day-to-daybehaviours• Nominations• Selection criteria• Notification• Selection• Procedure for taxesPage 34
  • 35. A recognition strategy 4 of 6PROCEDURES (CONTINUED)• Event planning guidelines• Process improvementprocedures• Process for committees andadding members• Budgeting• TrackingPage 35
  • 36. A recognition strategy 5 of 6MANAGEMENT RESPONSIBILITY• Strategy• Involvement• Resources• Accountability• ReviewPage 36
  • 37. A recognition strategy 6 of 6OTHER CONSIDERATIONS• Measurement• Communication• Training• Events and celebrations• Change and flexibilityPage 37
  • 38. Page 38Effective recognitionprograms
  • 39. Effective recognition programs• Objectives• Assessing impact• Manager• Team member• Why bother with recognition?• How to go about it• Avoiding recognition traps• Praise• ReprimandsPage 6
  • 40. Page 40Peer recognition
  • 41. Peer recognition• Definition• What should an effectiveprogram do?• What does it require?• ExamplesPage 41
  • 42. Page 42Characteristics ofsuccessful programs
  • 43. Characteristics of successfulprograms• Immediate• Simple• Timed well• Public• Personal• Celebratory• SincerePage 43
  • 44. Page 44How to reward andrecognize employees
  • 45. How to reward and recognizeemployees 1 of 2• Link rewards to organizationalgoals• Involve employee preferences• Communicate the program• Recognize relevant actions• Reward in a timely mannerPage 45
  • 46. How to reward and recognizeemployees 2 of 2TYPES OF INITIATIVE• Public acknowledgement• Token of appreciation• Development opportunities• Low-cost perksPage 46
  • 47. Page 47Pay trends in a difficulteconomy
  • 48. Pay trends in a difficult economy1 of 2• Increasing focus on pay forperformance• Alignment of compensationwith business objectives• Bigger raises-for those whoearn them• Smaller merit pay, largervariable pay budgets• Creative budgeting breakouts• Broader compensationbenchmarkingPage 48
  • 49. Pay trends in a difficult economy2 of 2• More non-monetary rewards• Recalculation of replacementcosts• Huge focus on retention• Restrictions of extra pay• Better communication withemployees• Updated compensation policiesPage 49
  • 50. Page 50Conclusion and questions
  • 51. Page 51Conclusion and questionsSummaryVideosQuestions

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