Post on 18-Nov-2014
description
A totally rewarding experience
by Toronto Training and HR
April 2013
Contents3-4 Introduction to Toronto Training and HR5-6 Definition7-8 Identifying characteristics9-10 Types of rewards11-12 Attraction and retention drivers13-14 Things to understand15-16 Measures17-18 Strategies and brands19-20 Risk assessment21-23 What should a strategy address?24-26 Allocating resources27-28 What do high-performing organizations do?29-30 Variable pay metric options31-32 The linkage model33-34 Four quadrant model35-36 Applying six sigma methodology37-38 Phases of change39-40 Mediocre execution41-42 Barriers to be overcome43-45 Sales incentive design mistakes46-47 Factors to move the profession forward 48 Case studies49-50 Conclusion and questions
Page 3
Introduction
Page 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 5
Definition
Page 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 7
Identifying characteristics
Identifying characteristics• Program• Value
Page 8
Page 9
Types of rewards
Types of rewards• Foundational rewards• Performance-based
rewards• Career and environmental
rewards
Page 10
Page 11
Attraction and retention drivers
Attraction and retention drivers• All employees • High-potential employees
• Generational differences
• Engagement
Page 12
Page 13
Things to understand
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
Page 15
Measures
Measures• Cost v budget• Employee engagement• Employee turnover• Rate of cost increase• SMART business
objectives• Employee satisfaction
Page 16
Page 17
Strategies and brands
Strategies and brands
Page 18
Page 19
Risk assessment
Risk assessment• Alignment risk• Execution risk• Financial risk• Regulatory risk
• Risk mitigation
Page 20
Page 21
What should a strategy address?
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
What should a strategy address?
2 of 2• Degree of internal equity
and consistency• Communication and
involvement• Governance
Page 23
Page 24
Allocating resources
Allocating resources 1 of 2GOING UP• Wellness programs• Manager coaching• Training• Career development
Page 25
Allocating resources 2 of 2GOING DOWN• Retiree medical• Pension• Healthcare• Concierge services
Page 26
Page 27
What do high-performing
organizations do?
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 outcomesPage 28
Page 29
Variable pay metric options
Variable pay metric options• Sales programs• HR related program
measures• Production performance
Page 30
Page 31
The linkage model
The linkage model• People systems and
programs• Employee behaviour• Customer behaviour• Financial performance
Page 32
Page 33
Four quadrant model
Four quadrant model
Page 34
Environment Development
Benefits Compensation
Page 35
Applying six sigma methodology
Applying six sigma methodology
• Define• Measure• Analyze• Improve• Control
Page 36
Page 37
Phases of change
Phases of change• Catching up• Moving forward• Pulling ahead
Page 38
Page 39
Mediocre execution
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
Page 41
Barriers to be overcome
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
Page 43
Sales incentive design mistakes
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 inputPage 44
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
Page 46
Factors to move the profession forward
Factors to move the profession forward • Enhancing employee
engagement• Quantifying HR impact• Effectively
communicating• Tying rewards to strategy
Page 47
Page 48
Case studies
Page 49
Conclusion and questions
Page 50
Conclusion and questions• Summary• Videos• Questions