This document provides an overview of a two-day training program on remuneration strategy and salary structuring. The training will cover topics such as introduction to rewards management, building a salary structure, variable pay schemes, and alternative remuneration structures. It includes an agenda with sections on strategic total rewards management, attracting and retaining top talent through rewards, and measuring the effectiveness of rewards programs. The goal is to help organizations design competitive and aligned remuneration packages.
The purpose of having a reward and recognition program as part of the organizational change management plan for large-scale change initiatives is to incentivize and acknowledge the behaviors, attitudes, and accomplishments that contribute to the success of the change effort. By providing tangible rewards and public recognition, employees are motivated to adopt new behaviors, embrace new processes, and sustain the changes over time. This can lead to increased employee engagement, improved morale, and higher levels of commitment to the organization's goals. Furthermore, a well-designed reward and recognition program can create a sense of community among employees, reinforcing a culture of collaboration and teamwork that can support ongoing change efforts. Overall, a reward and recognition program is an effective tool for reinforcing desired behaviors and encouraging a positive attitude towards organizational change, ultimately increasing the chances of achieving successful outcomes.
Functions of Training & Development - Manu Melwin Joymanumelwin
New employee orientation is an important part of the hiring process.
It prepares the employees for new roles, and acclimates them to the company.
According to SHRM, employees who go through an orientation process feel more connected to their job.
The focus and length of orientation sessions are often determined by the employees' positions in the company.
While hourly employees may be in orientation for one day, manager-level employee orientation can last up to two weeks.
Human resources (hr) management for non hr managersOlayiwola Oladapo
Non HR Managers have to get work done through others. To do that they need to understand how to manage their people as front line Managers who have the closest proximity to the People. HR for Non HR Managers equip Managers with the fundamental HR Management Know how required for managing people for result.
The purpose of having a reward and recognition program as part of the organizational change management plan for large-scale change initiatives is to incentivize and acknowledge the behaviors, attitudes, and accomplishments that contribute to the success of the change effort. By providing tangible rewards and public recognition, employees are motivated to adopt new behaviors, embrace new processes, and sustain the changes over time. This can lead to increased employee engagement, improved morale, and higher levels of commitment to the organization's goals. Furthermore, a well-designed reward and recognition program can create a sense of community among employees, reinforcing a culture of collaboration and teamwork that can support ongoing change efforts. Overall, a reward and recognition program is an effective tool for reinforcing desired behaviors and encouraging a positive attitude towards organizational change, ultimately increasing the chances of achieving successful outcomes.
Functions of Training & Development - Manu Melwin Joymanumelwin
New employee orientation is an important part of the hiring process.
It prepares the employees for new roles, and acclimates them to the company.
According to SHRM, employees who go through an orientation process feel more connected to their job.
The focus and length of orientation sessions are often determined by the employees' positions in the company.
While hourly employees may be in orientation for one day, manager-level employee orientation can last up to two weeks.
Human resources (hr) management for non hr managersOlayiwola Oladapo
Non HR Managers have to get work done through others. To do that they need to understand how to manage their people as front line Managers who have the closest proximity to the People. HR for Non HR Managers equip Managers with the fundamental HR Management Know how required for managing people for result.
A presentation describing HR Business Partnering in terms of its principles, methods and metrics, using Management Consultancy as a benchmark to identify their approaches to adopt within an internal HR team.
Approaches to strategic hrm - strategic human resource management - Manu Me...manumelwin
There are five approaches to strategic HRM. These consist of
Resource-based strategy.
Achieving strategic fit.
High-performance management.
High- commitment management.
High-involvement management.
كل عام وانتم ومن تحبون وسورية بالف خير
اشكركم اشكر اعجابكم اعتز بصداقتكم ارجو لكم السعادة ارجو ان نبقى على تواصل
عبد الرحمن تيشوري – شهادة عليا بالادارة – شهادة عليا بالاقتصاد
طرطوس – سورية – ALRAHMANABD@GMAIL.COM
http://www.facebook.com/home.php
رابط جديد لحساب جديد من اجل اضافة المزيد من الاصدقاء
A presentation describing HR Business Partnering in terms of its principles, methods and metrics, using Management Consultancy as a benchmark to identify their approaches to adopt within an internal HR team.
Approaches to strategic hrm - strategic human resource management - Manu Me...manumelwin
There are five approaches to strategic HRM. These consist of
Resource-based strategy.
Achieving strategic fit.
High-performance management.
High- commitment management.
High-involvement management.
كل عام وانتم ومن تحبون وسورية بالف خير
اشكركم اشكر اعجابكم اعتز بصداقتكم ارجو لكم السعادة ارجو ان نبقى على تواصل
عبد الرحمن تيشوري – شهادة عليا بالادارة – شهادة عليا بالاقتصاد
طرطوس – سورية – ALRAHMANABD@GMAIL.COM
http://www.facebook.com/home.php
رابط جديد لحساب جديد من اجل اضافة المزيد من الاصدقاء
الاهداف الرئيسية لادارة الاداء
حيث ان ادارة الاداء تقوم بتقييم وقياس قدرة اداء الموظف على تحقيق اهداف المؤسسة بشكل فعال وتساعد المؤسسة على تحديد الية التدريب والتطوير و اعطاء مؤشرات توضيحية للتطوير الهيكل التنظيمي مما يساعد المدراء على القيام بدورهم بشكل اوضح وضمن معايير واضحة ويساعد المنشئة على تحقيق اهدافها الاستراتيجية بشكل فعال
إذا كنت تعتقد ان الموارد البشرية لها دور حيوي في المنشأة
إذا كان لك خبرة لا تقل عن 5 سنوات في الموارد البشرية
إذا كنت تعمل كرئيس قسم او مدير الموارد البشرية
إذا كنت تجهز لحضور اختبار SPHRi المعتمد من HRCI
للاشتراك
https://goo.gl/forms/StjIfpDccFNtJyAq1
برنامج تدريبي من المركز العربي للتميز
عملي وبه كثير من النماذج والامثلة العملية
يشترط خبرة على الاقل 5 سنوات لحضور البرنامج التدريبي
للاشتراك من هنا
https://www.facebook.com/commerce/products/1515604588489933/
يقدم المركز العربي للتميز ورشة عمل لمدة 3 ايام عن قانون العمل والتأمينات والضرائب
تنفذ ورشة العمل بالاسكندرية والقاهرة
للاشتراك ولمزيد من التفاصيل
http://goo.gl/8hFeFh
Strategic total rewards management remuneration and rewards summit 11 june 2014Charles Cotter, PhD
Strategic Total Rewards Management (STORM) process, principles and best practice guidelines, Strategic Talent Attraction, Motivation and Employee Engagement and Benchmarking and Evaluating STORM
This SHRM article —is primarily for the benefit of HR professionals who are not compensation specialists—discusses all the steps involved in developing and implementing a market-based pay structure. It refers to but does not include a detailed discussion of job evaluation or of other internally focused methods of setting base pay.
Building a Meaningful Compensation Strategy for Today’s WorkforceHUB International
Download the eBook from HUB and learn key strategies to ensure your employee compensation plans continue to support your organizational goals as talent acquisition and retention challenges grow.
Cash or short-term incentive plans (STIP) engage employees in the process of achieving business objectives, reward desired behaviors, and help execute the organization’s long-term strategy. Incentive plans, when properly aligned to business outcomes and rolled-out effectively, can be a powerful tool that enable organizations to “do more with less” and achieve a greater return on investment (ROI) in cash compensation programs.
A study on reward and recognition program 2016Anand Yogesh
“People may forget words; People may forget actions; but people will always remember Respect, Recognition & Appreciation given to them publicly for their contributions....”
A study on reward and recognition program 2016Anand Yogesh
“People may forget words; People may forget actions; but people will always remember Respect, Recognition & Appreciation given to them publicly for their contributions....”
Strategic Talent Management and Development online learning programme, facilitated by Dr Charles Cotter. Best practice principles, tools and processes.
Four (4) Critical Success Factors to Build Sustainable Remuneration Strategies_Balancing People and Profit_presented by Dr Charles Cotter at the SLAZEISI Conference on 20 November 2023
Evidence based Talent Analytics and Data driven Talent Management Strategies.pdfCharles Cotter, PhD
Evidence based Talent Analytics and Data driven Talent Management Strategies presented by Dr Charles Cotter at the 2nd African HRM Professionals Strategy Bootcamp, 30 March 2023, in Kempton Park.
Learning Prospectus of Dr Charles Cotter, of the training programmes that he specializes in:
Management/Leadership
(Strategic) Human Resources Management
(Strategic) Learning and Development
Business Communication
Power/Soft Skills
Strategic Talent Management_Best Practice Principles and Processes.pdfCharles Cotter, PhD
Strategic Talent Management - Best Practice Principles and Processes, across the S-P-A-R-M-E-D talent management value chain, facilitated by Dr Charles Cotter
Human Resources Management (HRM) Value Chain Processes, Organizational Cultur...Charles Cotter, PhD
Human Resources Management (HRM) Processes, Organizational Culture and Organizational Change Management training programme, facilitated by Dr Charles Cotter, July 2021
India Orthopedic Devices Market: Unlocking Growth Secrets, Trends and Develop...Kumar Satyam
According to TechSci Research report, “India Orthopedic Devices Market -Industry Size, Share, Trends, Competition Forecast & Opportunities, 2030”, the India Orthopedic Devices Market stood at USD 1,280.54 Million in 2024 and is anticipated to grow with a CAGR of 7.84% in the forecast period, 2026-2030F. The India Orthopedic Devices Market is being driven by several factors. The most prominent ones include an increase in the elderly population, who are more prone to orthopedic conditions such as osteoporosis and arthritis. Moreover, the rise in sports injuries and road accidents are also contributing to the demand for orthopedic devices. Advances in technology and the introduction of innovative implants and prosthetics have further propelled the market growth. Additionally, government initiatives aimed at improving healthcare infrastructure and the increasing prevalence of lifestyle diseases have led to an upward trend in orthopedic surgeries, thereby fueling the market demand for these devices.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
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The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
[Note: This is a partial preview. To download this presentation, visit:
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Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
As a business owner in Delaware, staying on top of your tax obligations is paramount, especially with the annual deadline for Delaware Franchise Tax looming on March 1. One such obligation is the annual Delaware Franchise Tax, which serves as a crucial requirement for maintaining your company’s legal standing within the state. While the prospect of handling tax matters may seem daunting, rest assured that the process can be straightforward with the right guidance. In this comprehensive guide, we’ll walk you through the steps of filing your Delaware Franchise Tax and provide insights to help you navigate the process effectively.
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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1. REMUNERATION STRATEGY AND
SALARY STRUCTURING
CHARLES COTTER Ph.D candidate, MBA, B.A (Hons), B.A
LUSHIE CONSULTANCY AND BUSINESS SERVICES
THE PIVOT HOTEL, MONTECASINO
6-7 JULY 2017
www.slideshare.net/CharlesCotter
2. Introduction to Rewards Management
Diagnosis and Analysis of current reward management practices
Business case: Strategic Total Rewards Management (STORM)
Utilizing STORM to attract, retain, motivate and engage top talent
Building a salary structure – process, principles and practice
Variable pay schemes – STI’s & LTI’s
Alternative remuneration structures
2-DAY, TRAINING PROGRAMME
OVERVIEW
4. Individual activity:
Complete the following statement by inserting one word only. In order to
effectively implement strategic reward management in my work
environment, my organization needs to/to
be………………………………………………………
Jot this word down and find other learners who have written down the
same word.
Write this word down on the flip-chart.
You’ll be given the opportunity to substantiate your choice of word.
INTRODUCTORY LEARNING ACTIVITY
5. Definition of Reward Management
Objective of Reward Management
Types of rewards
The evolution of Reward Management
Best Practice Reward Management
THE FUNDAMENTALS OF REWARD
MANAGEMENT
6. Reward management is concerned with the formulation and
implementation of strategies and policies that aim to reward
people fairly, equitably and consistently in accordance with their
value to the organization.
Reward management consists of analyzing and controlling
employee remuneration, compensation and all of the
other benefits for the employees.
Reward structure usually consists of pay policy and practices,
salary and payroll administration, total reward, minimum wage,
executive pay and team reward.
DEFINITION OF REWARD
MANAGEMENT
7. Reward management aims to create and efficiently operate a
reward structure for an organization.
Reward management deals with processes, policies and strategies
which are required to guarantee that the contribution of
employees to the business is recognized by all means.
Reward system exists in order to motivate employees to work
towards achieving strategic goals which are set by organizations.
Reward management is not only concerned with pay and employee
benefits. It is equally concerned with non-financial rewards e.g.
recognition, training, development and increased job responsibility.
OBJECTIVES OF REWARD
MANAGEMENT
11. STATISTIC: 24% of participants do not measure reward and recognition
programme success.
Review your programs and rewards frequently to keep them aligned with
corporate goals as well as employee expectations.
Measure the effectiveness and impact of your reward and recognition
programmes.
Create a performance measurement framework so you can measure the impact
of your reward and recognition programme.
Track the performance metrics that form the basis of your reward structure and
conduct surveys to gain qualitative feedback from employees and supervisors.
IMPERATIVE: Measure your reward and recognition programme impact and
improve based on your results.
EVALUATION GUIDELINES
12. https://www.surveymonkey.com/r/PQWGNJJ
#1 Your organization offers competitive and market-related/above market-related
remuneration packages to employees (prospective employees).
#2 Your organization adequately and accurately recognizes the knowledge, skills,
competencies and experience of employees and rewards are sufficiently flexible and
variable.
#3 Your organization applies fairness in payroll methods, procedures and practices for
compensating, recognizing and rewarding employee contributions.
#4 Your organization applies equitable payroll methods, procedures and practices for
compensating, recognizing and rewarding employee contributions.
#5 Your organization promotes transparency through sharing information about their
compensation practices, pay rates criteria and how they are determined – especially at the
managerial and executive levels.
DIAGNOSIS OF CURRENT REWARD
MANAGEMENT PRACTICES
13. #6 Your organization applies consistency (standardization) in the allocation of
remuneration and rewards e.g. performance bonuses and incentives etc.,
thereby serving as a retention and motivation mechanism.
#7 Your organization applies objectivity throughout the performance
management process, as the pre-cursor and chief determinant of performance
bonuses.
#8 Your organization has an efficient, user-friendly and stream-lined job
evaluation and job grading process.
#9 The value of remuneration and rewards offered by your organization is
affordable (feasible) promoting business sustainability and continuity.
#10 Your organization’s reward system is effective in that it directly contributes
to and enables the achievement of business management goals e.g. higher levels
of productivity and performance.
DIAGNOSIS OF CURRENT REWARD MANAGEMENT
PRACTICES
14. Complete the online survey
https://www.surveymonkey.com/r/PQWGNJJ
Individual (Diagnosis): Critically evaluate your organization’s
current rewards management structure against the 10 best
practice criteria.
Group (Analysis): Identify gaps and recommend improvement
strategies for these gaps.
LEARNING ACTIVITY 1
15. Contextual introduction to STORM
The strategic imperative of Reward Management
Defining the fundamental concepts
Creating/Developing a reward strategy
Implementing Strategic Reward Management
STRATEGIC TOTAL REWARD MANAGEMENT
(STORM)
16. 8 STRATEGIC MANAGEMENT PRINCIPLES
(APPLICABLE TO REWARD MANAGEMENT)
Complete the online survey https://www.surveymonkey.com/r/PHKFGQL
#1: (Vertical) Alignment with business strategy, goals and objectives
#2: (Horizontal) integration of HRM value chain functions (bundling)
#3: Rewards Management conducts environmental scanning and is
highly attuned, sensitive to and pro-actively responsive of change
#4: Rewards Management is future-focused (ensuring that the
organization is future-proof)
17. 8 STRATEGIC MANAGEMENT PRINCIPLES
(APPLICABLE TO REWARD MANAGEMENT)
https://www.surveymonkey.com/r/PHKFGQL
#5: Reward management adopts a measurement culture e.g. scorecards,
dashboards, metrics, risk analysis and audits etc.
#6: Reward management generates business intelligence, enabling
smarter business decision making (operationally and strategically)
#7: Enables the organization to gain a sustainable, strategic competitive
advantage
#8: Reward management practices contribute to a positive
organizational climate, culture and higher levels of employee
engagement.
18. REMUNERATION AND RELATED METRICS
Human capital value added (revenue minus operating expense and cost of
compensation/benefit divided by the total amount of full time employees)
Human capital return on investment: Revenue minus operating expenses and
cost of compensation benefit divided by cost of compensation/benefit
Total compensation revenue ratio which is cost of compensation/benefit
divided by revenue
Labour cost revenue ratio, which is cost of compensation/benefit plus other
employee costs (bonuses, mileage paid, incentives) divided by revenue
Labour Cost per FTE - the average labour cost to the organization for each FTE
19. The number of cents in total compensation and benefits costs that it took
to generate a rand of revenue (as an indication of compensation
effectiveness, where this year's ratio would be compared to last years
ratio)
% of employees that are satisfied with their compensation (survey of a
sample of employees on their satisfaction between the rewards and the
expectations of the firm)
% of employees that are rated in the top performance appraisal level -
that are paid above the average salary for their position and vice versa
Benefits as % of Total Compensation
Resignation Rate and Exit Survey Data
REMUNERATION AND RELATED
METRICS
22. An effective total rewards strategy enables organizations to deliver the
right amount of rewards, to the right people, at the right time, for the
right reason.
Best Fit vs. Best Practice vs. Hybrid (integration)
Reward strategies must be anchored in business reality to be effective.
Which means linking it to your business strategy, the needs of your
employees as well as your organization.
Appropriate Total Rewards Framework
To be effective, a total rewards package must tie together the
organizational strategy, workforce strategy, and HR strategy. Total
rewards should align each employee with the organizational objectives.
CONTEXTUAL INTRODUCTION TO
STORM
23.
24. “Effective reward is about finding the right reward programs for the
strategic direction of your business.” (Tom McMullen)
Strategic reward management involves the formulation and
implementation of an equitable reward system that is congruent
with the organization’s strategic objectives.
The reward system must be congruent with the management style
and other organizational systems, in particular, communication
and decision-making. (Lawler)
THE STRATEGIC IMPERATIVE OF
REWARD MANAGEMENT
25. Strategic reward is based on the design and implementation of
long-term reward policies and practices to closely support and
advance business or organizational objectives as well as employee
aspirations.
The concept of total reward encompasses all aspects of work that
are valued by employees, including elements such as learning and
development opportunities and/or an attractive working
environment, in addition to the wider pay and benefits package.
Links between strategic and total reward
DEFINING THE FUNDAMENTAL
CONCEPTS
26.
27. Step 1: Define the context and issues (environmental analysis)
Step 2: Set the total reward strategy (guiding principles and reward priorities)
Step 3: Set reward change agenda (status quo relative to desired end state)
Step 4: Implementation overview
Step 5: Design individual plans
Step 6: Implement
Step 7: Measure and manage
Outcome: A cohesive and comprehensive reward strategy that is both value-
oriented and cost-effective and aligned with the organization's business
strategy.
CREATING/DEVELOPING A REWARD
STRATEGY (7-STEP PROCESS)
29. Holistic
Best fit
Strategic
People-centred
Customized
Distinctive
Evolutionary
Integrative
GUIDING PRINCIPLES OF TOTAL
REWARD SYSTEM
32. A clear, executable remuneration philosophy aligned with
business strategy
Employee-centricity
Investment in front-line manager capability
Well thought-through decision-support data and tools
A continual process, not a one-off project
5 KEY FOCUS FOR STRONG REMUNERATION
IMPLEMENTATION (AON HEWITT)
33. Advantages/Benefits:
Economic: Creates affordable and sustainable costs
Financial: Generates maximum return on the reward program
investment
Strategic and Performance-related: Connects with the business strategy
to create a high performance culture
Reputational: Supports the employment brand
BUILDING A BUSINESS CASE FOR
STORM
34.
35. Costs/drawbacks:
Management: Managerial apathy
Cultural: Organizational cultural resistance and readiness
Provision: The supply of resource-constrained rewards (across the
board)
Weighting: Attempting to measure the comparative value of certain
rewards
BUILDING A BUSINESS CASE FOR
STORM
36. Develop a business case for Strategic Total Rewards Management
(STORM). Do the benefits outweigh the costs? Justify and
motivate your viewpoint.
LEARNING ACTIVITY 2
40. Organizations need to communicate the total rewards provided to each
individual employee, demonstrating the organization's investment in ensuring
employees are competitively rewarded for their skills, contribution and
performance.
The rewards package that organizations provide to their employees is among the
organization's most significant investments.
Total reward statements may help reduce turnover and increase retention rates
A Total reward statement provides employees with a personalized document
that communicates the overall value of their financial rewards such as base pay,
incentives and employee benefits.
Total reward statements can also be used to reinforce the communication of
less tangible benefits such as work/life programs, learning and development
and flexible work arrangements.
TOTAL REWARDS STATEMENTS
(TRS) – RATIONALE AND VALUE
41. To attract, motivate and retain employees.
Differentiation: To reinforce employer brand and set the employer
apart from other organizations.
Raise awareness and appreciation by focusing attention on the
benefits the organization offers.
To reduce the cost of benefits administration by providing an
employee self-service tool that results in fewer phone calls thereby
enabling HR to focus on more strategic initiatives.
OBJECTIVES OF TRS
43. Objective: Magnetically attracting the “Cream of the Crop”
Objective: Facilitating an optimal Person-Environment (P-E) fit
Strategy: Developing, articulating and advocating of a compelling
Employee Value Proposition (EVP)
Strategy: Employer Branding – (re) positioning as an “Employer of
Choice”
STRATEGIC TALENT ATTRACTING
44. A resourcing strategy is concerned with shaping what an organization has to offer to people to
join and stay in the organization. (Armstrong, 2011)
EVP is a statement of what an organization will provide for people that they will value - why
the total work experience at their organization is superior to that at other organizations.
The EVP is an employee-centered approach that is aligned to existing, integrated workforce
planning strategies because it has been informed by existing employees and the external
target audience.
Key Selling Points (KSP): Host of financial and non-financial benefits
Non-financial benefits:
The attractiveness of the organization
Responsibility – corporate conduct, ethics and CSR/CSI
Respect – diversity and inclusiveness
Work-life balance
Opportunities for personal and professional growth
EMPLOYEE VALUE PROPOSITION
(EVP)
46. Unique Selling Points (USP) - Employer brand that is unique and
special
Creation of a Brand image of the organization for prospective
employees
Influenced by the reputation of the organization
Creating an Employer Branding strategy
EMPLOYER BRANDING
47. Analyze what ideal (preferred) applicants need and want
Establish how far core values of the organization support the creation of
an attractive brand and ensure these are inculcated into organizational
value system
Define the features of the employer brand on the basis of examination
and review of each of the areas that affect the perception of people e.g.
quality of management
Benchmark the approaches of top performing companies as a means of
improvement
Pragmatic approach: be honest and realistic
CREATING AN EMPLOYER BRANDING
STRATEGY
48. For a defined organization, craft and develop the following key
statements as a form of attracting top talent:
Total Rewards Statement (TRS)
Employee Value Proposition
Employer brand
LEARNING ACTIVITY 3
52. The Global Assessment Trends Report (GATR) (2013 Global Assessment Trends
Report - SHL.com) identifies the top priorities for HR globally as follows:
Engagement and retention (55%)
71% of USA employees are disengaged – 92% of S.A employees are disengaged
Highly engaged employees are 26% more productive than disengaged employees
Companies earned 13% greater total returns for shareholders over a 5-year
financial period
90% of leaders think an engagement strategy will impact business success
Only 40% of the workforce knew about their company’s goals, strategies and
tactics
EMPLOYEE ENGAGEMENT –
INTERESTING STATISTICS
54. 202% better performance
$11 billion is lost annually due to employee turnover
Direct correlation to 9 key business performance indicators
BENEFITS OF EMPLOYEE ENGAGEMENT –
GALLUP (2013)
55. Relationship with the immediate supervisor
Senior Leadership’s ability to lead the company and
communicate its goals
Organizational Pride - vision of organization and
corporate social responsibility
KEY DRIVERS OF EMPLOYEE
ENGAGEMENT – DALE CARNEGIE
56.
57. According to Gallup (2013), three (3) strategies to
accelerate employee engagement are:
Select the Right People and Managers
Develop employees’ strengths
Enhance employees’ well-being
STRATEGIES TO DEVELOP EMPLOYEE
ENGAGEMENT
58. According to Armstrong (2011), the five (5) strategies to enhance
employee engagement are:
The work itself
The work environment
Leadership
Opportunities for personal growth
Opportunities to contribute
STRATEGIES TO DEVELOP EMPLOYEE
ENGAGEMENT
59. According to Dale Carnegie research:
Senior managers must articulate the company vision in a clear and compelling
way
Senior managers need to define organizational goals and objectives in realistic,
clear and attainable manner
Leaders should project a positive manner with employees, and be accessible
Leaders should ensure that employees understand how their role contributes to
the overall company success
Senior leaders should create a climate of trust and encourage managers to
demonstrate that they care about employees (on personal level)
LEADERSHIP STRATEGIES TO
DEVELOP EMPLOYEE ENGAGEMENT
60. According to Dale Carnegie research:
Managers should determine how each employee’s personal motivators align with
organizational goals
Managers should praise publicly, reprimand privately and coach team members who
demonstrate disengaged behaviour
Employees should be encouraged to communicate clearly and provide input into the
company vision
Direct managers should foster healthy relationships with employees
Senior leadership should continuously demonstrate that employees have an impact
on their work environment
Managers should show that employees are valued as true contributors, giving them
a sense of empowerment
STRATEGIES TO DEVELOP EMPLOYEE
ENGAGEMENT
61.
62. According to Gallup (2013) research, the best organizations deeply
integrate employee engagement into the following four areas:
Strategy and Leadership Philosophy
Accountability and Performance
Communication and Knowledge Management
Development and on-going Learning Opportunities
BEST PRACTICE EMPLOYEE
ENGAGEMENT
69. 40% of employees who do not meaningfully feel recognized will not
go above and beyond their formal work responsibilities to get the
job done. 86% of those who feel recognized will.
83% of employees cited recognition for contributions is more
fulfilling than rewards and gifts.
Type of recognition matters – 68% favoured individual above team-
based recognition; 88% found recognition from their managers as
very/extremely motivating and 76% found praise from peers as
very/extremely motivating.
Recognition strategies
RECOGNITION - STATISTICS
71. According to Dr. Mark Bussin, traditionally there are four main
components of remuneration – base pay; fringe benefits and perks;
short- and medium-term incentives; and long-term incentives, but to
these he adds a fifth component – retention schemes.
Retention schemes - this is often added when the long-term incentives
are not in place or not working for some reason or another.
When implementing retention scheme you need to decide who it will
benefit (scarce skills, for example).
Most importantly, such a scheme needs to be underpinned by a robust
business case.
TALENT RETENTION STRATEGIES
74. Describe which motivational strategies can be applied in your
organization to reward employees and boost performance and
productivity.
Describe which employee engagement strategies can be applied
in your organization to enhance retention and productivity levels.
Evaluate the current degree of your organization’s employee
retention by gauging against the 10 retention criteria and the
Irresistible Organization.
LEARNING ACTIVITY 4
75. Process of value based compensation design
Factors to consider when structuring salaries
5-step process
Ten steps for building a salary structure
BUILDING A SALARY STRUCTURE
76.
77. Most small business owners find it difficult to structure
remuneration packages that meet their organization’s objectives
and ensure that the company is able to retain key talent. Getting it
right is critical.
“The need for remuneration policy, strategy and systems to underpin
business strategy has never been greater.” (Dr. Mark Bussin)
“There is no such thing as the ‘best’ policy or strategy. There are so
many different ways to determine remuneration and in different
situations or circumstances, you may make different choices.”
Bussin advises business owners to take several factors into account.
FACTORS TO CONSIDER WHEN STRUCTURING
SALARIES
78. Organization strategy:
The extent to which you want a centralized or
decentralized approach
The culture and design of the organization
Where the organization is in its lifecycle
Remuneration trends
FACTORS TO CONSIDER WHEN
STRUCTURING SALARIES
79. Five strategic remuneration and benefits trends that will drive
business success:
SEGMENTATION AND DIFFERENTIATION
FLEXIBILITY
HEALTH AND WELLNESS
COMMUNICATION
ANALYTICS AND DECISION-MAKING
REMUNERATION TRENDS - Willis Towers
Watson (2016)
80. 1. The approach to merit increases will change
2. Cash bonuses will increase
3. Top performers will continue to receive larger salary increases than average performers
4. The hiring of “boomerang” employees will continue to rise
5. Companies will address the gender pay gap
6. Millennial remuneration will undergo philosophy changes
7. Structurally high unemployment / underemployment
8. Simplification
9. Performance management – reboot
10. Cost control
REMUNERATION TRENDS – 21st
CENTURY (BUSSIN)
83. Step 1: Establish your compensation philosophy
Step 2: Gather market data
Step 3: Identify benchmark jobs
Step 4: Measure your market position
Step 5: Calculate the compa-ratio
TEN STEPS FOR BUILDING A SALARY
STRUCTURE
84. Step 6: Check your budget
Step 7: Start allocating
Step 8: Final adjustments
Step 9: Management approval
Step 10: Communicate
TEN STEPS FOR BUILDING A SALARY
STRUCTURE
85. Group Discussion:
Evaluate the relative merits of the two approaches to the salary
structuring process. By consideration of the four factors (refer to
paragraph 4.1), apply the approach which you believe is most
viable, feasible and sustainable in your organization.
LEARNING ACTIVITY 5
88. “Every element of a remuneration system serves a purpose and it’s
critical to understand what the organization is trying to achieve
with each” (Mark Bussin).
PURPOSE AND OBJECTIVES OF A
REMUNERATION SYSTEM
89. Group Discussion:
Measured against their purpose and objectives, critically evaluate
your organization’s remuneration structure. Identify gaps and
recommend improvements.
LEARNING ACTIVITY 6
91. Does contingent pay encourage positive employee attitudes and intensify
work? Chidiebere Ogbonnaya, Kevin Daniels, Karina Nielsen (2017)
N = 13 657
The analysis showed that performance-related pay was positively associated
with job satisfaction, organizational commitment, and trust in management.
Profit-related pay did not have similar positive effects; in fact, some levels of
profit-related pay resulted in employees being less committed and trusting
management less.
When it comes to share ownership, however, we found a direct negative
relationship with job satisfaction and no significant relationships with
employees’ commitment and trust in management. High employee uptake of
share ownership also revealed no significant relationships with employee well-
being.
UK-BASED RESEARCH STUDY (2017) –
The impact of contingent pay
92. Only performance-related pay was positively associated with the perception that work is
more intense.
What should managers keep in mind? The positive relationship between performance-related
pay and all three well-being outcomes indicates that employees may see increases in pay as a
reasonable and even positive trade-off for contributing toward organizational success.
Contrary to what many employers believe, organization-wide incentives such as profit-related
pay and share-ownership may not generate such positive effects, as they were found to have
negative relationships with employee well-being.
The results regarding work intensity and individual-based incentive pay should give managers
pause.
In some circumstances, performance-related pay may be experienced as a burden that only
provides extra pay for workers through an intensification of the work process.
This raises critical questions regarding the extent to which individual-based incentives can
influence employee well-being in a sustainable way.
UK-BASED RESEARCH STUDY (2017) –
The impact of contingent pay
93. Variable pay is an expected employee benefit if you are going to excite
and retain employees.
They want the opportunity to earn variable compensation to bolster
their basic salary.
Today's employees are also looking for more when they decide to come
on board and work for an employer.
Employees now expect comprehensive benefits packages that
are tailored to their own personal needs - not just to broadly defined
demographics.
The greater the flexibility and variety of the benefits programme, the
more likely all of your employees are to feel appreciated.
VARIABLE PAY AS A SOURCE OF
RETENTION
94. Attract and retain participants as part of a market competitive
package
Reward participants directly for individual, team and organization
performance achieved over a monthly, quarterly or annual time
frame
Support the achievements of the tactical and strategic objectives
of the organization by influencing the behaviour of the
participants
PURPOSE OF STI’s
96. Alignment
A performance culture
Affordability
Simplicity
Communication
Instrumentality
Good governance
As far as possible, STIs should promote high performance with high integrity
STI’s DESIGN PRINCIPLES
97. Eligibility
Funding methods to determine the bonus pool:
Continuous funding
On-target bonus with stretch and super-stretch targets
Distribution methods to allocate payments
Administrative rules
Reporting and disclosure
SCOPE OF STI’s
98.
99. Attract and retain participants as part of a market
competitive package
Reward participants for medium- to long-term
organization performance or outperformance
Align management with shareholder or
stakeholder interests
PURPOSE OF LTI’s
101. Exercise & employee settlement election
Settlement
Risk management
Quantification of awards
Leverage of LTI instruments
Disclosure and reporting
SCOPE OF LTI’s
102. Group Discussion:
By referring to the STI’s and LTI’s, critically evaluate your current
structure of your organization’s variable pay schemes. Identify
gaps and recommend improvements.
LEARNING ACTIVITY 7
103. Alternative structures are more flexible than traditional
pay structures and encourage employees to assume
different roles without triggering compensation
increases or decreases
Broadbanding
Competency-based pay
Skills-based pay
ALTERNATIVE REMUNERATION
STRUCTURES
104. Practice in which the number of grades in a pay-scale structure is
reduced, and the differential between one grade and the next is
increased.
Broadbanding is said to decrease intra-firm rivalry in employees and to
increase inter-firm (or cross-departmental) flexibility.
Broadbanding is defined as a strategy for salary structures that
consolidate a large number of pay grades into a few "broad bands.“
In a broadband pay structure, the numbers of salary grades are
consolidated into fewer, but broader, pay ranges. In broadbanding, the
spread of the pay ranges is wider and there is less overlap with other pay
ranges.
DEFINING BROADBANDING
105.
106. Defining Competency-based pay:
Competency-based pay is a pay structure that rewards employees
based on how well they perform in the workplace, rather than the
hierarchy of their position or years of experience.
The benefits of competency-based pay structures:
Serves as a motivational tool
It reinforces a culture of self-improvement
It may improve staff retention
It encourages corporate transparency
FUNDAMENTALS OF COMPETENCY-
BASED PAY
107.
108.
109. Skill-based pay refers to a pay system in which pay increases are
linked to the number or depth of skills an employee acquires and
applies and it is a means of developing broader and deeper skills
among the workforce.
Such increases are in addition to, and not in lieu of, general
pay increases employees may receive.
The pay increases are usually tied to three types of skills:
horizontal skills
vertical skills
depth skills
DEFINING THE SCOPE OF SKILLS-BASED PAY
110. Difference from traditional pay systems
Reasons for Skill-Based Pay
Advantages Of Skill-Based Pay
SKILLS-BASED PAY
111. Skill-based pay is a person-based and not a job-based, system.
It rewards (and therefore emphasizes) a broad range of skills
which makes the employee multi-skilled and therefore flexible.
It positively encourages skills development.
A skill-based pay system may not necessarily reflect how well the
skill is used, as this falls within the performance component of pay.
The system needs to be underpinned by opportunities for training
which is critical to the success of the system.
DIFFERENCE FROM TRADITIONAL PAY
SYSTEMS
112. Group Discussion:
Critically evaluate the relative merits of the following alternative
pay schemes for your organization, in terms of their viability,
feasibility and sustainability.
Broadbanding
Competency-based pay
Skills-based pay
LEARNING ACTIVITY 8