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Half day open training event on reward and recognition held in Mississauga.
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The rewarding experience gets recognized
by Toronto Training and HR
June 2013
Page 2
CONTENTS5-6 Definitions
7-8 Base pay 9-10 Total rewards and compensation
11-12 Expectancy theory and reward13-14 The wage mix15-18 Wage curves19-20 Job evaluation21-22 Managerial reward in Fiji23-24 Reward risk25-26 Performance-related reward plans27-28 Relationship between pay equity and motivation29-30 What should recognition be like?31-37 A recognition strategy38-39 Effective recognition programs40-41 Peer recognition42-43 Characteristics of successful programs44-46 How to reward and recognize employees 47-49 Pay trends in a difficult economy
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Introduction
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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 banking10 years in training and human resourcesFreelance practitioner since 2006The core services provided by Toronto Training and HR are:
Training event designTraining event deliveryReducing costs, saving time plus improving employee engagement and moraleServices for job seekers
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Definitions
Page 6
Definitions• Pay• Why are rewards given?• Primary objectives of
reward systems• Extrinsic and intrinsic
rewards• Typical reward categories • Earnings management• Recognition• Types of recognition• Formal and informal
recognition
Page 7
Base pay
Base pay• Job-based pay• Person-based pay
Page 8
Page 9
Total rewards and compensation
Total rewards and compensation
• Direct and indirect• Objectives• Links with other HR
functions• Designing a pay-for-
performance system
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Expectancy theory and reward
Expectancy theory and reward
Page 12
Page 13
The wage mix
The wage mix• Internal factors• External factors
Page 14
Page 15
Wage curves
Wage curves 1 of 3
Wage curves 2 of 3
Wage curves 3 of 3
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Job evaluation
Job evaluation
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Non quantitative/job versus job
Quantitative/job versus job
Non quantitative/job versus scale
Quantitative/job versus scale
Page 21
Managerial reward in Fiji
Managerial reward in Fiji• Who sets the criteria for
rewards?• Factors likely to have an
impact on the achievement of rewards
• Criteria used for monitoring management performance
• Consequences for unfavourable performance
• Meet/Beat targets and incentives
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Page 23
Reward risk
Reward risk• Types of reward risk• Rankings of reward risk
faced• Perception of reward risk• Reward risks by sector• Changes in the reward risk
strategy • Reward risk management• Future risks
Page 24
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Performance-related reward plans
Performance-related reward plans• Individual performance
reward plans• Collective/group short-term
incentives• Organization-wide long-
term incentives• Criticisms of performance-
related reward plans• Importance of contextual
factors• International
considerationsPage 26
Page 27
Relationship between pay equity and
motivation
Relationship between pay equity and motivation
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Page 29
What should recognition be like?
What should recognition be like?• Immediate• Simple• Timed well• Public• Personal• Celebratory• Sincere
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A recognition strategy
A recognition strategy 1 of 6
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A recognition strategy 2 of 6COMPONENTS• Linkage to business
strategy• Three-dimensional• Procedures• Objectives• Continuous improvement
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A recognition strategy 3 of 6PROCEDURES
• Recognizing day-to-day behaviours
• Nominations • Selection criteria • Notification • Selection• Procedure for taxes
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A recognition strategy 4 of 6PROCEDURES (CONTINUED)
• Event planning guidelines
• Process improvement procedures
• Process for committees and adding members
• Budgeting• Tracking
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A recognition strategy 5 of 6MANAGEMENT RESPONSIBILITY
• Strategy• Involvement• Resources• Accountability• Review
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A recognition strategy 6 of 6OTHER CONSIDERATIONS
• Measurement• Communication• Training• Events and celebrations• Change and flexibility
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Effective recognition programs
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Effective recognition programs
• Objectives• Assessing impact • Manager• Team member• Why bother with
recognition?• How to go about it• Avoiding recognition traps• Praise• Reprimands
Page 40
Peer recognition
Peer recognition
• Definition• What should an effective
program do?• What does it require?• Examples
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Characteristics of successful programs
Characteristics of successful programs
• Immediate• Simple• Timed well• Public• Personal• Celebratory• Sincere
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How to reward and recognize employees
How to reward and recognize employees 1 of 2
• Link rewards to organizational goals
• Involve employee preferences
• Communicate the program• Recognize relevant actions• Reward in a timely manner
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How to reward and recognize employees 2 of 2
TYPES OF INITIATIVE• Public acknowledgement• Token of appreciation• Development opportunities• Low-cost perks
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Page 47
Pay trends in a difficult economy
Pay trends in a difficult economy
1 of 2• Increasing focus on pay for
performance• Alignment of compensation
with business objectives• Bigger raises-for those who
earn them• Smaller merit pay, larger
variable pay budgets• Creative budgeting
breakouts• Broader compensation
benchmarkingPage 48
Pay trends in a difficult economy
2 of 2• More non-monetary
rewards• Recalculation of
replacement costs• Huge focus on retention• Restrictions of extra pay• Better communication with
employees• Updated compensation
policies
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Conclusion and questions
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Conclusion and questions
SummaryVideosQuestions
