Total Reward April 2013

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

Introduction

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

Definition

Definition• What is total reward?• The total rewards model• Goals for developing a

total reward philosophy• Objectives of a

framework• Priorities for 2013

Identifying characteristics

Identifying characteristics• Program• Value

Types of rewards

Types of rewards• Foundational rewards• Performance-based

rewards• Career and environmental

rewards

Attraction and retention drivers

Attraction and retention drivers• All employees • High-potential employees

• Generational differences

• Engagement

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

Measures

Measures• Cost v budget• Employee engagement• Employee turnover• Rate of cost increase• SMART business

objectives• Employee satisfaction

Strategies and brands

Risk assessment

Risk assessment• Alignment risk• Execution risk• Financial risk• Regulatory risk

• Risk mitigation

What should a strategy address?


1 of 2• Strategic perspective• Statement of overall

objectives• Prominence• Performance measures• Competitive market

reference points• Competitive positioning


2 of 2• Degree of internal equity

and consistency• Communication and

involvement• Governance

Allocating resources

Allocating resources 1 of 2GOING UP• Wellness programs• Manager coaching• Training• Career development

Allocating resources 2 of 2GOING DOWN• Retiree medical• Pension• Healthcare• Concierge services

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 outcomes

Variable pay metric options

Variable pay metric options• Sales programs• HR related program

measures• Production performance

The linkage model

The linkage model• People systems and

programs• Employee behaviour• Customer behaviour• Financial performance

Four quadrant model

Four quadrant model

Environment Development

Benefits Compensation

Applying six sigma methodology

Applying six sigma methodology

• Define• Measure• Analyze• Improve• Control

Phases of change

Phases of change• Catching up• Moving forward• Pulling ahead

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

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

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 input

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

Factors to move the profession forward

Factors to move the profession forward • Enhancing employee

engagement• Quantifying HR impact• Effectively

communicating• Tying rewards to strategy

Case studies

Conclusion and questions

Conclusion and questions• Summary• Videos• Questions

Total Reward April 2013

Business

Transcript of Total Reward April 2013