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3099983 salary-and-compensation-management-presentationfinal
 

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    3099983 salary-and-compensation-management-presentationfinal 3099983 salary-and-compensation-management-presentationfinal Presentation Transcript

    • Reward Strategies By saima aftab
    • Rewards Saying ‘thank you’ for a job well done, and thereby motivating the recipient to continue to do those things that benefit the organization
    • Rewards Extrinsic Intrinsic
      • Responsibility
      • Interesting work
      • Personal growth
      • Diversity of activities
      Financial Non-Financial
    • 1: EXTRINSIC FINANCIAL REWARDS
      • Wages
      • Bonuses
      • Profit-sharing
      • Vacations
      • Sick leave
      • Purchase discounts
    • 2. EXTRINSIC NON-FINANCIAL REWARDS
      • Office furnishings
      • Lunch hours
      • Parking spaces
      • Work assignments, locations
      • Business cards
      • Secretary
      • Titles
    • REWARD STRATEGY
    • LAWLER’S MODEL OF REWARD STRATEGY RESOURCES ENVIRONMENT CORPORATE GOALS & OBJECTIVES ORGANIZATION DESIGN & MANAGEMENT STYLE REWARD SYSTEM INDIVIDUAL & ORGANIZATIONAL BEHAVIUOR Reward system – An important means of communication
    • RELATIONSHIP BETWEEN HR & REWARD PRACTICES & BUSINESS PERFORMANCE JOB SATISFACTION EMPLOYEE INVOLVEMENT / COMMUNICATION BUSINESS PERFORMANCE HR PRACTICES
    • DYNAMIC REWARD STRATEGIES DYNAMIC REWARD STRATEGIES RESPONSIBLE, DYNAMIC AND FLEXIBLE HR PROFESSIONALS
    • ALIGNING REWARD SYSTEM WITH STRATEGY BUSINESS STRATEGY PEOPLE REQUIREMENT PREVIOUS REWARD METHODS CHANGES TO REWARDS
    • EFFECTIVE REWARD STRATEGY EFFECTIVE REWARD STRATEGY WELL DEFINED GOALS & OBJECTIVES WELL DESIGNED PAY & REWARD PROGRAMMES ACCORDING TO THE NEEDS EFFECTIVE & SUPPORTIVE HR
    • BALANCED, PRACTICAL REWARD STRATEGY MODEL ORGANIZATION CAPABILITIES BUSINESS STRATEGY ORGANIZATION STRUCTURE EMPLOYMENT DEAL COMPETENCIES DEMOGRAPHICS VALUES TOTAL REWARD STRATEGY PAY BENEFITS LEARNING & DEVELOPMENT WORK ENVIRONMENT IMPOROVED BUSINESS RESULTS & ALIGNED EMPLOYEE BEHAVIOURS EMPLOYER’S PERSPECTIVE EMPLOYEE’S PERSPECTIVE
    • CONFLICTS
      • Focus on individual performance in teams
      • Lack of customer service rewards
      • Lack of relationship between pay & performance
      • Absence of learning and development
      • Pay levels and benefits entitlement strongly related to the length of service
      • Lack of variable portion in pay
    • PERFORMANCE RELATED PAY
      • Score card driven bonus
        • Customer satisfaction (customer survey)
        • Shareholder returns (profitability vs. targets)
        • Process excellence
        • Learn ‘n’ Grow
    •  
    • Reward Policies
    • Reward Policies
      • Reward Policies provide guidelines for the implementation of reward strategies and the design and management of reward process .
    • Considerations
      • The level of reward
      • The relative importance attached to market rates and equity
      • Attraction and retention
      • The relationship of rewards to business performance
      • Total reward policy
    • Considerations
      • The scope for the use of contingent rewards related to performance, competence, contribution or skills.
      • Assimilation policies
      • The degree of flexibility required.
      • The role of line managers.
      • Involve employees in the design of reward systems
      • Communicate the reward policies to employees
      • Transparency.
    • Level of Reward
      • Organizations philosophy about Rewards:
        • High payer, Average , Below Average
      • Policy depends on a number of factors:
        • Level of performance
        • Competition for good quality people
        • Tradition stance & organizational culture of the company
        • Affordability
    • Market Rate and Equity
      • Policy needs to be formulated on the extent to which rewards are market driven rather than equitable.
        • Obtain and keep high quality staff
        • Response to market pressures
      • Market considerations will derive levels of pay in the organization.
    • Attraction policies
      • Career prospects
      • Training and development
      • Intrinsic interest of the work
      • Flexible working arrangements
      • Work life balance
    • Retention policies
      • Capelli says “market determines the movement of employees, not the company”
      • Talent management (attraction and retention of quality employees)
      • Talent management policies
        • To attract employees
        • To develop employees
        • Retain employees
        • Motivate employees
    • Talent Management Policies
      • Talent Management Process:
        • Employer of Choice
        • Recruitment procedures
        • Designing jobs and roles
        • Opportunities to develop skills
        • Working environment
    • Talent Management process
        • Work life balance
        • Leadership qualities of line managers
        • Recognition
        • Conducting talent audits
    • Reward to Business Performance
      • Link between reward and business performance.
      • Gain sharing
        • A commitment to employee involvement that ties additional pay to improvements in workforce performance.
      • Profit sharing
        • A plan under which an employer pays to eligible employees, as an addition to their normal remuneration, additional sums in the form of cash or shares in the company related to the profits of the business.
    • Total Rewards
      • The total reward policy should state that although contingent rewards play an important part in the reward policies of the organization other forms of non financial reward are regarded as being equally important
    • Contingent Rewards
      • Pay for individual that is related to performance, competence, contribution or service.
    • Assimilation Policies
      • How existing employees should be assimilated into revised pay structure.
        • Red circling (identifying and dealing with overpaid people)
        • Green circling (identifying and dealing with underpaid people)
    • Flexibility
      • Flexing Company Cars
        • Trading up
        • Trading down
        • Trading out
        • Flexible Holidays
        • Flexible Pensions
        • Flexible private medical Insurance
    • Role of line Managers
      • Direct interaction with employees
      • Trained
    • Involving Employees
      • Employees should be given voice in the design and management of reward processes.
    • Communication to Employees
      • Reward processes are powerful media for conveying messages to employees about the organizations values and the contribution they are expected to make in upholding those values and achieving the organization’s goals.
    • Transparency
      • Reward process should not be secret activity.
        • Pay progression
        • Lack of understanding breeds suspicion.
      • THANKS