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. 1. The rewarding experience getsrecognizedby Toronto Training and HRJune 2013
  2. 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. 3. Page 3Introduction
  4. 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. 5. Page 5Definitions
  6. 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. 7. Page 7Base pay
  8. 8. Base pay• Job-based pay• Person-based payPage 8
  9. 9. Page 9Total rewards andcompensation
  10. 10. Total rewards and compensation• Direct and indirect• Objectives• Links with other HR functions• Designing a pay-for-performance systemPage 10
  11. 11. Page 11Expectancy theory andreward
  12. 12. Expectancy theory and rewardPage 12
  13. 13. Page 13The wage mix
  14. 14. The wage mix• Internal factors• External factorsPage 14
  15. 15. Page 15Wage curves
  16. 16. Wage curves 1 of 3
  17. 17. Wage curves 2 of 3
  18. 18. Wage curves 3 of 3
  19. 19. Page 19Job evaluation
  20. 20. Job evaluationPage 20Nonquantitative/job versus jobQuantitative/job versus jobNon quantitative/job versus scaleQuantitative/job versus scale
  21. 21. Page 21Managerial reward in Fiji
  22. 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. 23. Page 23Reward risk
  24. 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. 25. Page 25Performance-relatedreward plans
  26. 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. 27. Page 27Relationship between payequity and motivation
  28. 28. Relationship between pay equityand motivationPage 28
  29. 29. Page 29What should recognitionbe like?
  30. 30. What should recognition be like?• Immediate• Simple• Timed well• Public• Personal• Celebratory• SincerePage 30
  31. 31. Page 31A recognition strategy
  32. 32. A recognition strategy 1 of 6Page 32
  33. 33. A recognition strategy 2 of 6COMPONENTS• Linkage to business strategy• Three-dimensional• Procedures• Objectives• Continuous improvementPage 33
  34. 34. A recognition strategy 3 of 6PROCEDURES• Recognizing day-to-daybehaviours• Nominations• Selection criteria• Notification• Selection• Procedure for taxesPage 34
  35. 35. A recognition strategy 4 of 6PROCEDURES (CONTINUED)• Event planning guidelines• Process improvementprocedures• Process for committees andadding members• Budgeting• TrackingPage 35
  36. 36. A recognition strategy 5 of 6MANAGEMENT RESPONSIBILITY• Strategy• Involvement• Resources• Accountability• ReviewPage 36
  37. 37. A recognition strategy 6 of 6OTHER CONSIDERATIONS• Measurement• Communication• Training• Events and celebrations• Change and flexibilityPage 37
  38. 38. Page 38Effective recognitionprograms
  39. 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. 40. Page 40Peer recognition
  41. 41. Peer recognition• Definition• What should an effectiveprogram do?• What does it require?• ExamplesPage 41
  42. 42. Page 42Characteristics ofsuccessful programs
  43. 43. Characteristics of successfulprograms• Immediate• Simple• Timed well• Public• Personal• Celebratory• SincerePage 43
  44. 44. Page 44How to reward andrecognize employees
  45. 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. 46. How to reward and recognizeemployees 2 of 2TYPES OF INITIATIVE• Public acknowledgement• Token of appreciation• Development opportunities• Low-cost perksPage 46
  47. 47. Page 47Pay trends in a difficulteconomy
  48. 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. 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. 50. Page 50Conclusion and questions
  51. 51. Page 51Conclusion and questionsSummaryVideosQuestions

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