Reimagine. Reconnect. Reward GB Rewards Network€¦ · Reimagine. Reconnect. Reward ....
Transcript of Reimagine. Reconnect. Reward GB Rewards Network€¦ · Reimagine. Reconnect. Reward ....
willistowerswatson.com
GB Rewards Network
10 May 2018
Reward right now – a more dynamic approach for a changing workforce
Reimagine. Reconnect. Reward
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Welcome
Radha Chakraborty, Willis Towers Watson
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Today’s event
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09:15 – 10:15
10:15 – 10:30
10:30 – 11:15
11:35 – 12:20
12:30 – 13:30
TED-style Talks
Break and transfer
Breakout sessions: choose one of four
Breakout sessions: choose one of four
Closing remarks and lunch
11:15 – 11:35
12:20 – 12:30
Break and transfer
Break and transfer
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Fair Pay: A Broken
Contract?
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Jessica Norton, Willis Towers Watson
Tamsin Sridhara, Willis Towers Watson
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Last time we met
Image: sewing machinists from Ford’s Dagenham plant striking for over sex discrimination in job grading in 1968. Equal Pay Act followed in 1970
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What does
“becoming
more
personal”
feel like?
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What was said, what was heard, what was felt
DRIVERGAPS
FTSE100
Mean
Hourly Pay
20.8%
FTSE100
Mean
Bonus Pay
46%
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Do we have equal pay?
Audit
Pay management
Pay infrastructure
Pay increases
Amendments
Assurance
Immediate and longer-term answers
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What do we do to close the gap?
Analyse
Track
Persist
Listen
Identify
Immediate and longer-term answers
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Where is this leading?
Pay fairness Talent diversity Organisation culture
Living wageEqual pay |
Gender pay
Executive:
Employee equityDiverse talent
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GROUP – OWN
LOCAL – COMPLY
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Executive
Compensation: Today
and Tomorrow
Mark Reid, Willis Towers Watson
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The annual merry-go-round keeps turning
£
Strong support
Voices against
Little change
Uncertainty
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Board-level oversight of broader reward
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…and the CEO pay ratio
1 : ?00000!
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Pay-for-Performance:
Innovation That
Actually Works
Radha Chakraborty, Willis Towers Watson
Carole Hathaway, Willis Towers Watson
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Drivers of change
Return on
investment
Organisations are
seeing little correlation
between performance
management outcomes,
individual/team
productivity and overall
business success
A focus on the
experience
Manager and
employee engagement
in the process has been
relatively low across
sectors
Technological
advances
Facilitate a trend
towards continuous
performance
management ‘on the
go’, through which
employees and
managers can interact
at any time
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What is changing…
INTEGRATIONDiscrete performance
management processIntegrated and articulated philosophy –
drives more than reward
DEFINING
PERFORMANCEIndividually orientated
measurementBroader definition of performance
EMPHASIS OF
PROCESSYear-end, event-based
assessmentOngoing conversations with little emphasis
on year-end
FOCUSBackwards looking Focus on performance against objectives and
future potential and contribution
MANAGER
EFFECTIVENESSProcess follower Increased discretion and role as a
performance coach
TRADITIONAL EMERGING>
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And what isn’t…
“Kill your performance ratings” – Harvard Business Review
“Reinventing performance management” – Deloitte
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Already
taken action
Planning to
take action
Considering
taking action
Not taking
action
Increasing frequency and
improving quality of performance
conversations
33% 23% 24% 19%
Measuring future potential 28% 20% 25% 27%
Implementing new enabling
technology15% 16% 21% 48%
Eliminating performance
ratings/scores entirely8% 3% 15% 74%
Eliminating ratings/scores for PM but
keeping for compensation purposes5% 4% 14% 77%
PREVALENCE OF CHANGES TO THE
PERFORMANCE MANAGEMENT PROCESS
Perception
Reality
Source: Willis Towers Watson EMEA performance management survey (2016)
HIGH PERFORMING
COMPANIES….
• Have maintained and
streamlined their
approach to ratings,
not removed them
• For those who have
gone ratingless, they
have invested heavily
in manager capability
and reviewed their pay
for performance
linkages
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Approaches to
Rewarding Digital
Talent
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Scott Cullen, Willis Towers Watson
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A digital
revolution is
underway
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Percent of children
entering school
today who will end
up in jobs that do
not yet exist
Source: Scott McLeod and Carl Fisch, quoted by World Economic Forum Future of Jobs Report, Davos, 2016
%
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Cars
without
drivers
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Stores
without
cashiers
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Dark
warehouses
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Dark
warehouses(with no operators)
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The
robots are
coming…
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“BAD BOT Google boss
warns over evil ‘sci-fi
style’ robots that could
‘manipulate people’ and
steal your job”
Source: Sean Keach The Sun April 2018
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‘Robots will
destroy our jobs –
and we're not
ready for it’
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Source: Dan Shewan, The Guardian Jan 2017
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Source: WTW Future of Work study 2017
of companies say AI and
robotics will augment
human performance
Despite the
headlines
%
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Number of jobs
created for every
one lost due to
the internet
Source: eonline news
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There
have been
losers
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And
winners
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Some,
you have
heard of…
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WhatsApp to 419 million users in 4 years from launch
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Others, you may be surprised at…
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Graphic source: Slice Intelligence
The fastest growing online razor and blades brand is Harry’s
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Dominos shares rose
5,000%between
2008 and
2017
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What does this
mean for digital
jobs and total
reward?
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What is a digital employee?
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Source (Adapted as wordcloud): CEB TALENTNEURON research 2015 – US top functions and skills
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New ways of
getting work
done
New Roles
New
attitudes and
preferences
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Organisations are in very different places in their digital journey
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We’re just
starting out
13%
We’ve made
progress in some
areas of the
business
40%
We don’t have a
strategy for
becoming
digitally enabled
20%
We’re fully
digitally
enabled
6%22%
We’re on the
way to
becoming full
digitally enabled
Source: Willis Towers Watson Digital Pulse Survey 2018
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The four big challenges to attracting and retaining digital talent
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No
established
career path
Perceptions
of Culture,
Brand or
Industry
We do
not pay
enough
1
2
3
4
Skills
shortages
Source: Willis Towers Watson Digital Pulse Survey 2018
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Do we need to treat digital employees differently?
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We need to think about people structures in a
different way
Be innovative in our methods of attracting
digital employees
There may be a need to address pay for some roles
but need to also think about total reward
Source: Willis Towers Watson Digital Pulse Survey 2018
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Please move to the networking
area and to your first chosen
breakout by 10:30
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SESSION ROOMFair Pay: A Broken Contract? London Wall
Pay-for-Performance: Innovation that Actually Works
Broadgate 2
(this main room)
Executive Compensation –
Today and Tomorrow
Broadgate 1
Approaches to Rewarding
Digital Talent
Bishopsgate
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Pay-for-Performance: Innovation that actually works
© 2018 Willis Towers Watson. All rights reserved.
John Edwards, RBSTracey Wilson, RBSRadha Chakraborty, Willis Towers WatsonCarole Hathaway, Willis Towers Watson
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Closing
remarks
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Thank you!
Please leave a
feedback form on
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