Reward September 2014

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Half day open training event held in Toronto, Ontario.

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  • Reward September 2014

    1. 1. September 2014
    2. 2. Slide 2 Agenda  3 Introduction  4-5 Definitions  6-7 The reward lifecycle  8-9 Determining base pay and total earnings  10-11 End goals of reward  12-13 Reasons for joining an organization  14-15 Competitive market and positioning  16-17 Engaging stakeholders in the process  18-19 Reasons to offer non-financial rewards  20-22 Attendance reward programs  23-24 Pay for performance  25-26 Linking effective reward to performance  27-28 Stock options  29-30 Total reward  31-32 Linking behaviour and performance  33-34 Outcomes when adopting reward technology  35-37 The optimal reward process  38-39 Implementation of the optimal reward process  40-44 A typical sales compensation report card  45-46 Wage mobility for foreign-born workers  47-48 Reward initiatives to retain top talent  49-50 Trends around reward  51 Summary and questions
    3. 3. Introduction to Toronto Training and Human Resources Inc. Toronto Training & HR Inc. is a specialist training and human resources consultancy headed by Timothy Holden 10 years in banking 15 years in training and human resources Freelance practitioner since 2006 The core services provided by Toronto Training & HR are: Training event design Training event delivery HR support with an emphasis on reducing costs, saving time plus improving employee engagement and morale Assistance for job seekers Slide 3
    4. 4. DEFINITIONS Slide 4
    5. 5. Definitions Reward Base or fixed pay Total earnings Slide 5
    6. 6. THE REWARD LIFECYCLE Slide 6
    7. 7. The reward lifecycle Market analysis Program design Administration Analysis and refinement Slide 7
    8. 8. DETERMINING BASE PAY AND TOTAL EARNINGS Slide 8
    9. 9. Determining base pay and total earnings Pay structures Pay levels Pay awards Pay progression Variable pay; cash bonuses and incentives Slide 9
    10. 10. END GOALS OF REWARD Slide 10
    11. 11. Slide 11 End goals of reward Make the right offers Keep people engaged and motivated Drive the behaviours that drive value Retain Invest wisely
    12. 12. REASONS FOR JOINING AN ORGANIZATION Slide 12
    13. 13. Reasons for joining an organization Employees Employers Slide 13
    14. 14. COMPETITIVE MARKET AND POSITIONING Slide 14
    15. 15. Slide 15 Competitive market and positioning Definitions for your competitive set Recommendations for your competitive positioning Salary structure
    16. 16. ENGAGING STAKEHOLDERS IN THE PROCESS Slide 16
    17. 17. Engaging stakeholders in the process Executives Employees Slide 17
    18. 18. REASONS TO OFFER NON-FINANCIAL REWARDS Slide 18
    19. 19. Reasons to offer non-financial rewards Personal and career development Flexible working Involvement in decision-making Slide 19 Positive working environment Performance management Recognition
    20. 20. ATTENDANCE REWARD PROGRAMS Slide 20
    21. 21. Attendance reward programs 1 of 2 Slide 21
    22. 22. Attendance reward programs 2 of 2 Slide 22
    23. 23. PAY FOR PERFORMANCE Slide 23
    24. 24. Pay for performance Components to include when creating a valid and legally defensible plan Elements to include in the development of a model for the distribution of merit pay increases Just Noticeable Differences (JNDs) Steps for an effective pay-for-performance system Slide 24
    25. 25. LINKING EXECUTIVE REWARD TO PERFORMANCE Slide 25
    26. 26. Linking executive reward to performance Current trends Issues for HR Research Rationale Reaching out Slide 26
    27. 27. STOCK OPTIONS Slide 27
    28. 28. Stock options Greater CEO risk Reducing risk Theoretical perspectives Slide 28
    29. 29. TOTAL REWARD Slide 29
    30. 30. Total reward Slide 30 Foundational rewards Career and environmental rewards Performance-based rewards
    31. 31. LINKING BEHAVIOUR AND PERFORMANCE Slide 31
    32. 32. Linking behaviour and performance Total rewards and work experience Employee mindset and behaviour Customer behaviour Financial performance Slide 32
    33. 33. Slide 33 OUTCOMES WHEN ADOPTING REWARD TECHNOLOGY
    34. 34. Outcomes when adopting reward technology Efficiency Consistency Visibility Transparency Trust Slide 34
    35. 35. THE OPTIMAL REWARD PROCESS Slide 35
    36. 36. Slide 36 The optimal reward process 1 of 2 Target pay levels How are targets set? Award and recognition programs Weight on base, weight on incentives Controllable, measurable and strategic The hierarchy of performance measures
    37. 37. The optimal reward process 2 of 2 Typical sales incentive measures Having a threshold or no threshold Caps Communication Slide 37
    38. 38. IMPLEMENTATION OF THE OPTIMAL REWARD PROCESS Slide 38
    39. 39. Implementation of the optimal reward process Slide 39 Develop implementation plan Confirm systems capabilities Develop transition approach Develop objective setting approach and set individual objectives Develop communication plan materials Develop and conduct training Measure understanding, acceptance and success
    40. 40. A TYPICAL SALES COMPENSATION REPORT CARD Slide 40
    41. 41. Slide 41 A typical sales compensation report card 1 of 4 Sales characteristics Individual versus team influence on outcome of the sale Percentage of current annual revenue that would repeat without the existence of this job role Direct contact with the customer (in-person or by phone)
    42. 42. A typical sales compensation report card 2 of 4 Slide 42 Sales characteristics (cont.) Influence of the company or the job incumbent on the sale Role in the customer’s buying process
    43. 43. A typical sales compensation report card 3 of 4 Slide 43 Alignment of compensation plan to job roles and sales strategy Motivation and recognition for top performance Market competitiveness Pay mix Measurement clarity Teaming and cross-selling
    44. 44. Slide 44 A typical sales compensation report card 4 of 4 Mechanics and payment cycles Compensation cost of sales Goal equity and achievability Plan management and administration
    45. 45. Slide 45 WAGE MOBILITY FOR FOREIGN-BORN WORKERS
    46. 46. Slide 46 Wage mobility for foreign-born workers Wage distribution of natives and immigrants Wage mobility by immigration status Wage mobility by years since migration Wage mobility by country of origin Wage mobility by education
    47. 47. Slide 47 REWARD INITIATIVES TO RETAIN TOP TALENT
    48. 48. Slide 48 Reward initiatives to reward top talent Spot cash awards Individual incentives for non-management Broad-based equity Team/small group incentives Cash profit sharing Gainsharing plans
    49. 49. TRENDS AROUND REWARD Slide 49
    50. 50. Slide 50 Trends around reward Base and variable pay policies Employee share schemes and long-term incentive plans Employee benefits Pensions
    51. 51. SUMMARY AND QUESTIONS Slide 51

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