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 Employee Rewards /Recognition
 

Employee Rewards /Recognition

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tips for designing effective employee regnitionplans

tips for designing effective employee regnitionplans

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     Employee Rewards /Recognition Employee Rewards /Recognition Presentation Transcript

    • SETTING UP COMPELLING REWARDS RECOGNITION PROGRAMS DR.SARMA
    • WHAT IS COVERED Why do this? The Goal Strategy Method The rewards plans Budget What is the gain DR.SARMA 2
    • What recognition can do? Any action called recognition should keep in mind That there is power in Acknowledgement Appreciation touches powerfully the emotions if done sincerely
    • Seven critical success factors: 1. Sincere- spoken and body language while rewarding must reflect authenticity 2. Fair and Consistent- not tool for favor 3. Timely- instant execution 4. Frequent- as often and not once in blue moon or when you like to do 5. Flexible- not too many conditions/rules 6. Appropriate- relevant to the driver 7. Specific --one goal per reward not too many things to even qualify
    • Benefits of installing effective recognition: 1. Reinforces desired behaviors, practices, principles, and values. 2. Gives the ability to show appreciation 3. Builds self-esteem. 4. Promotes trust and respect. 5. Facilitates and encourages change. 6. Drives improvement. 7. Creates positive work environment . 8. Improves the quality of work life.
    • Benefits of effective recognition 9. Motivates individuals and teams to do their best. 10. Enhances loyalty. 11. Creates a brand 12. Addresses the basic human need to feel appreciated. 13. Reflects commitment to each other. 14. Inspires accomplishment and achievement. 15. Empowers individuals and teams 17. Drives out fear. 18. Improves the bottom line.
    • Word of caution Reviewing 128 studies on the effects of rewards Deci et al. (1999, p. 658)concluded that: “tangible rewards tend to have a substantially negative effect on intrinsic motivation (…) Even when tangible rewards are offered as indicators of good performance, they typically decrease intrinsic motivation for interesting activities.” Rewards have even been found to make people less creative and worse at problem solving DR.SARMA 7
    • THE SOCIAL PSYCHOLOGY BEHIND REWARDS Like it or not, we're wired to bond, and most of us experience the workplace first as a social setting. This is what makes recognition so powerful: celebrating stories about accomplishments with co-workers and managers makes people feel more appreciated. DR.SARMA 8
    • THE CATEGORIESPSYCHOLOGY BEHIND REWARD The Collector: It's human nature to gather things and status. Plaques with years of service appeal to the desire for status. Other types of incentive programs tap into this drive as well, motivating people through their desire to acquire more possessions. The Killer: People are biologically motivated to defend what is theirs. The winner of last year's "Top in Sales" title isn't going to let it go without a fight. Seed 1 player never easily let goes; And employees engaged by strong recognition programs will work hard to protect their company against competitive threats. DR.SARMA 9
    • TYPICAL MANAGEMENT DILEMMA-CASH OR NON CASH? Researchers have shown it's physically more likely for the brain to access a real image from the right brain. Symbolism is more long lasting in mind DR.SARMA 10
    • CASH INCENTIVES: are abstract numbers, not a clear image, so they're stored in the left, logical side of the brain and accessed less frequently and in less detail. DR.SARMA 11
    • BEST STRATEGYGO LONG/SPREAD WIDE TO SEND A STRONG SIGNAL The longer the duration, the greater is the chance that employees get our message and make positive behavioral change Cover as many as we can-to create engagement DR.SARMA 12
    • PEER RECOGNITION This type creates "culture of peer recognition" not the boss but people who are hierarchal equal give each other praise or rewards for good work DR.SARMA 13
    • Employees get handed rewards instantly by immediate supervisor , "on the spot" when direct reports strong performance. Empowers immediate supervisor Ensures promptness/timeliness DR.SARMA 14
    • WHAT THE LEADERS DO Hewlett-Packard Idea Generation The Golden Banana Award is one of Hewlett-Packard's most prestigious honors for inventive employees. It began when a company engineer burst into his manager's office with the answer to a problem they'd been struggling with for weeks. The manager searched his office for a way to mark this accomplishment, but all he came up with was a leftover banana from lunch. Still, he handed over the banana and said "Well done! Congratulations!" DR.SARMA 15
    • AT&T EMPLOYEE RECOGNITION At AT&T Universal Card Services in Jacksonville, Florida, paper is the key element for World of Thanks, one of their most popular programs. The program helps create a culture of recognition and higher performance in a simple way: anyone in the company can write a message of thanks to someone else and send it. To make it official, employees use a sheet from a globe-shaped pad of colored paper. In four years, employees at AT&T have written more than 130,000 thank you notes. DR.SARMA 16
    • WALT DISNEY WORLD EMPLOYEE RECOGNITION There are 180 different employee recognition programs at Walt Disney World in Orlando, Florida. One of the most coveted is the Spirit of Fred Award. It's named for Fred, who advanced from an hourly to salary position by exemplifying the values necessary for success at Disney: friendly, resourceful, enthusiastic and dependable. Fred makes each award (a certificate mounted on a plaque) as well as The Lifetime Fred Award, a bronze statuette of Mickey Mouse given to multiple recipients of the Spirit of Fred Award. DR.SARMA
    • PRODUCERS ASSISTANCE SAFETY PROGRAM Producers Assistance Corporation provides contract personnel to the oil and gas industry, an area where employee safety is critical. To refresh their safety program, they chose reloadable gift cards as an incentive. Here's how it works: when an employee takes an action, like attending a safety meeting, points are loaded onto their card. The lure of point collecting (and spending) has focused employees back on doing the right thing? to be safe. After a 6-month trial, participation had more than doubled and there was a significant decline in the incident rate. DR.SARMA 18
    • PHARMACEUTICAL MERGER REWARD PROGRAM During the merger of two pharmaceutical giants, a task force was charged with making the transition a smooth one. Members worked nonstop over six months, planning how to blend operations of the two companies. The team was rewarded for its sacrifices with gift cards that were, literally, the gift of time. The personalized cards were hand-delivered with a letter from the project leader, and gave recipients their choice of services: housecleaning, lawn care, carpet cleaning, pest control, and more. DR.SARMA 19
    • CASE EXAMPLE 150 different rewards for 200 employees To cater to Individual/Team and corporate Goals Quarterly/Half yearly/Annual Small cash/large cash-50$ to 10000$ 10000$ for trip any where in the world- 10 days paid off Outcome-engagement ratio went up to 85% from 63% DR.SARMA 20
    • RECOMMENDATION-1 Each manager gets to give spot awards max 12 per annum for the team membersEligibility-All employees other than managers ---Rising above and beyond of duty ---Promoting Bodh Tree brand ----Act that got customer appreciation ----Extending help to team member o solve any problem Type of Reward- $ 20 gift card with appreciation letter --manager notifies the employee/ recipient and informs HR Process-HR mails card with appreciation note DR.SARMA 21
    • RECOMMENDATION 2     Half yearly- award 4 awards Eligibility-all Full time Employees consultants exhibiting extraordinary technical skills and or initiative to solve difficult technical issues  Manager nominates to the Reward committee who decides  Value- 200$- and Appreciation letter DR.SARMA 22
    • RECOMMENDATION 3Long innings in 2015 no budget required this year Eligibility-Any Fulltime employee who completes 5 years of continuous serviceValue- 1000$- for family outing with in usa one additional paid vacation- to be used with in one year of completion date HR owns and administers Budget-nil DR.SARMA 23
    • RECOMMENDATION4 Celebrate Marriage/Child birth Eligibility- All employees Gift of flowers gift card value$100HR to be notified by employee HR administers Budget-2000 DR.SARMA 24
    • RECOMMENDATION-5 Annual awardEligibility- All employees iconic award Given to one employee who exhibits all round loyalty, lives company values, promotes company image, extraordinary performance on the job.; peer admiration. Exemplary Leadership qualities Value $1500 Nomination to be filed by any manager- can nominate any one with specific details/substantiation as to why the person deserves to the rewards committee by12-01- every year Committee decided by 12/25 and announcement is made and celebrated in Christmas DR.SARMA 25
    • RECOMMENDATION-6 to encourage Emerging leaders Eligibility-All employees Frequency-Annual Nomination by Reporting manager Criteria– any exhibition of leadership qualities , pro activeness, initiatives that resulted in customer delight, more business, enhanced team work, etc. Reward amount- 1000/- to be spent for any external training nomination approved by manager/HR DR.SARMA 26
    • SUMMARY  Communication  Managers’ education  Transparency  Consistency  timeliness DR.SARMA 27