Total Reward April 2013
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Half day open training event on total reward held in Toronto, Canada.
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Total Reward April 2013
- 1. A totally rewarding experience by Toronto Training and HR April 2013
- 2. Contents 3-4 Introduction to Toronto Training and HR 5-6 Definition 7-8 Identifying characteristics 9-10 Types of rewards 11-12 Attraction and retention drivers 13-14 Things to understand 15-16 Measures 17-18 Strategies and brands 19-20 Risk assessment 21-23 What should a strategy address? 24-26 Allocating resources 27-28 What do high-performing organizations do? 29-30 Variable pay metric options 31-32 The linkage model 33-34 Four quadrant model 35-36 Applying six sigma methodology 37-38 Phases of change 39-40 Mediocre execution 41-42 Barriers to be overcome 43-45 Sales incentive design mistakes 46-47 Factors to move the profession forward 48 Case studies 49-50 Conclusion and questions
- 4. Introduction to Toronto Training and HR • Toronto Training and HR is a specialist training and human resources consultancy headed by Timothy Holden • 10 years in banking • 10 years in training and human resources • Freelance practitioner since 2006 • The core services provided by Toronto Training and HR are: • Training event design • Training event delivery • Reducing costs, saving time plus improving employee engagement and morale • Services for job seekers Page 4
- 6. Definition • What is total reward? • The total rewards model • Goals for developing a total reward philosophy • Objectives of a framework • Priorities for 2013 Page 6
- 8. Identifying characteristics • Program • Value Page 8
- 9. Page 9 Types of rewards
- 10. Types of rewards • Foundational rewards • Performance-based rewards • Career and environmental rewards Page 10
- 11. Page 11 Attraction and retention drivers
- 12. Attraction and retention drivers • All employees • High-potential employees • Generational differences • Engagement Page 12
- 13. Page 13 Things to understand
- 14. Things to understand • What really drives the workforce • The relationship between total rewards and the employee value proposition • How to develop programs that balance cost and employee value Page 14
- 15. Page 15 Measures
- 16. Measures • Cost v budget • Employee engagement • Employee turnover • Rate of cost increase • SMART business objectives • Employee satisfaction Page 16
- 17. Page 17 Strategies and brands
- 18. Strategies and brands Page 18
- 20. Risk assessment • Alignment risk • Execution risk • Financial risk • Regulatory risk • Risk mitigation Page 20
- 21. Page 21 What should a strategy address?
- 22. What should a strategy address? 1 of 2 • Strategic perspective • Statement of overall objectives • Prominence • Performance measures • Competitive market reference points • Competitive positioning Page 22
- 23. What should a strategy address? 2 of 2 • Degree of internal equity and consistency • Communication and involvement • Governance Page 23
- 25. Allocating resources 1 of 2 GOING UP • Wellness programs • Manager coaching • Training • Career development Page 25
- 26. Allocating resources 2 of 2 GOING DOWN • Retiree medical • Pension • Healthcare • Concierge services Page 26
- 27. Page 27 What do high-performing organizations do?
- 28. What do high-performance organizations do? • Articulate strategies and objectives • Balance more inputs for decision-making • Connect to the organization and employees • Define effectiveness differently • Earn better outcomes Page 28
- 29. Page 29 Variable pay metric options
- 30. Variable pay metric options • Sales programs • HR related program measures • Production performance Page 30
- 31. Page 31 The linkage model
- 32. The linkage model • People systems and programs • Employee behaviour • Customer behaviour • Financial performance Page 32
- 33. Page 33 Four quadrant model
- 34. Four quadrant model Page 34 Environment Development Benefits Compensation
- 35. Page 35 Applying six sigma methodology
- 36. Applying six sigma methodology • Define • Measure • Analyze • Improve • Control Page 36
- 37. Page 37 Phases of change
- 38. Phases of change • Catching up • Moving forward • Pulling ahead Page 38
- 40. Mediocre execution • Navigating without a map-no clear link to business strategy • Navigating without a compass-not relying on hard data and metrics • Navigating without radar and sonar-not hearing the voice of the employee Page 40
- 41. Page 41 Barriers to be overcome
- 42. Barriers to be overcome • Little or no awareness of total rewards objectives • Leaders not being aligned • Cultural barriers • Organization structure changes • Budget constraints • HR structure, governance and decision rights • HR resource constraints • Global framework • Local application
- 43. Page 43 Sales incentive design mistakes
- 44. Sales incentive design mistakes 1 of 2 • Trying to keep everybody happy • Failing to separate novices from veterans • Negative reward on high productivity • Targeting prizes towards entire sales force • Planning a contest with no sales force input Page 44
- 45. Sales incentive design mistakes 2 of 2 • Leaving top management out of the plan • Being a do-gooder • Being inflexible • Hoping for X whilst rewarding Z • Forgetting that good salespeople always work for their own good first Page 45
- 46. Page 46 Factors to move the profession forward
- 47. Factors to move the profession forward • Enhancing employee engagement • Quantifying HR impact • Effectively communicating • Tying rewards to strategy Page 47
- 49. Page 49 Conclusion and questions
- 50. Page 50 Conclusion and questions • Summary • Videos • Questions