The Rewards & Recognition Framework - Aditya Yadav

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The Rewards & Recognition Framework - Aditya Yadav

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The Rewards & Recognition Framework - Aditya Yadav

  1. 1. * “Running an Agile Fortune 500 Company” Aditya Yadav, aditya.yadav@gmail.com in.linkedin.com/in/adityayadav76
  2. 2. * A Typical Global Company * Fortune 500/1000 * 200 Divisions * 40 Countries * 25000 Employees *
  3. 3. * @ Acme Inc.
  4. 4. * Original Question “Our Rewards & Recognition Systems are Dysfunct. And Ineffective. What do we do?”* The Correct Question - “A Reward and Recognitions framework needs to tie into the business goals of the organization. Arbitrary R&R Frameworks can irreparably damage the company. Shall we build one from the First Principles?” *
  5. 5. * And The Philosophy Behind The Answer
  6. 6. * Reward - An award is something given to a person or a group of people to recognize their excellence in a certain field; a certificate of excellence. Awards are often signified by trophies, titles, certificates, commemorative plaques, medals, badges, pins, or ribbons. An award may carry a monetary prize given to the recipient; for example, the Nobel Prize for contributions to society or the Pulitzer Prize for literary achievements. An award may also simply be a public acknowledgment of excellence, without any tangible token or prize.* Recognition - recognition is not only about gifts and points. Its about changing the corporate culture in order to meet goals and initiatives and most importantly to connect employees to the companys core values and beliefs. Strategic employee recognition is seen as the most important program not only to improve employee retention and motivation but also to positively influence the financial situation. The difference between the traditional approach (gifts and points) and strategic recognition is the ability to serve as a serious business influencer that can advance a company‟s strategic objectives in a measurable way. "The vast majority of companies want to be innovative, coming up with new products, business models and better ways of doing things. However, innovation is not so easy to achieve. A CEO cannot just order it, and so it will be. You have to carefully manage an organization so that, over time, innovations will emerge. *
  7. 7. *
  8. 8. * Legacy definitions of R&R over time have evolved into meaning everything and nothing at all. Those definitions are all over the place.* They are practically unusable* Lets create crisp and utilitarian definitions *
  9. 9. * Definition: Monetary Rewards* Definition: Given for “Success”* Not for „just‟ doing something* Top Down looking* Outward-In looking* Awarded by a Panel* Significant Quantum Of Reward* Equal Quantum across the World/Organization* Not a Currency/PPP Equivalent* No Entitlements (e.g. due to size of the team or time or other basis of eligibility) Everyone is eligible based on “Success”* Exclusive Club – Not for everyone *
  10. 10. * Definition: Non-Financial Notional Recognition* Definition: Given for doing something* Always in the context of the Ecosystem. Either Intra-Organization Ecosystem or Global Community* Managers have no role to play* The perfect candidate for Gamification* Levels & Badges etc. for … * Doing things * Contributing to the community * Solving problems * Showcasing Solutions * …* Bottom Up Looking* Inward Out Looking* The best tool for promoting Collaboration, Team work, Reputation, Excellence* System or Peers award points/votes *
  11. 11. For Success Exclusive Rewards!ExclusiveFor Doing Recognition Financial Non-Financial *
  12. 12. * No!* A Financial Reward for “Doing” is called an “Incentive”* We have seen in my previous decks that its temporal, and for driving change and accelerated desired behavior, Non Exclusive* A Non Financial Recognition for Success is an “Honor” which is handed Top Down by a Panel, An Oscar Award, Nobel Prize, Chair, Honorary Degree, Highest Army Award, [IBM/Corporate] Fellow.* This is normally the highest award* Honors have exceptions where there is a monetary award like the Nobel Prize, but most don‟t and yet they are highest achievement/recognition/honor one can aspire for* Extremely Exclusive* Most of the times people who get Honors are known by them irrespective of anything else they have done or achieved. *
  13. 13. For Success Exclusive Rewards Honors!ExclusiveFor Doing Incentives Recognition Financial Non-Financial *
  14. 14. * A Salary is a Fixed Compensation in return for a Service* A Bonus is the Financial Variable Compensation for achieving Tactical Goals* Perks are Non Financial Benefits* They are not a part of our framework because they form the basis of the “Basic” Employee Relationship* And not the basis of A “Normative” Employee and Organization. Which is what our framework addresses!!! *
  15. 15. Aditya!!! *

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