Reward Management

Shiraz Ahmed | Faculty | Facilitator | Coach

CBM | Institute of Business Management | Karachi

BBA class | Human Resource Management

Spring Semester 2014

Session Outcomes

1. Understand why people work

2. Analyze current trend in RM

3. Future of RM

1. Why People work

1.1 What you and your text book says!

Salary

Perks, benefits, incentives

Recognition

Achievement

1.2 Why Rewards and Salaries

Motivate employees

Retain talent

Attract talent

What else?

1.3 Surprising science of Motivation

Dan Pink clip

1.4 What makes us feel good about our work

Dan Ariley clip

1.5 Democratic Enterprise, Linda Gratton

Purpose

Autonomy

Mastery

1.6 Three M by Rosabeth Moss

Mastery

Membership

Meaning

So, What’s your view now!

2. Current Trends in RM

Dedicated Manager Compensation who make

strategies to retain talent!

Salary survey (millions of rupees)

Complex calculation

Fixed & variable pay

Bonuses, incentives, perks and many more….

Policies (vacations, increment and etc.)

3. Future of RM

3.1 How Netflix retain talent!

Freedom & responsibility culture

Pay top of Market

3-test for top of market for a person

No fixed budget

3.2 Design rewards according to needs of

Generations

Question Generation Y

(1980-2003)

Generation X

(1964-1980)

Baby Boomers

(1947-1964)

What they

want from a

job?

Fun, challenging, interesting,

money important but not so

important

Money, rise, promotion, posh office,

window with a view, want ‘your’ job,

respect

Superannuation,

pension, no

change

What they

want from

the boss?

Don’t believe the boss

concept, won’t follow a

manager who just talks;

want a mentor; want

immediate feedback

Stop trying and making promises

that can’t be delivered, want truth

Go away – don’t

micro-manage me,

just tell me what

you want

If the job

doesn’t

deliver?

Leaves immediately, can’t be

bought, money doesn’t buy

passion or engagement

Negotiate with you. I need you to

… focus on work-life balance. If

don’t deliver will stay but will start

looking elsewhere

Hang in – will retire

on the job

Generations and their motivations

Millennial and Gen ‘Y’

Trust them by giving power to

decide

Innovative

Enable and coach instead of

directing and deciding

Unleash their abilities, then step

aside!