Reward Challenges 2010 2020

REWARD POLICY AND PRACTICE
Status, trends and challenges 2010-2020

CONFIDENTIAL PRESENTATION

HUMAN RESOURCES DIRECTORATE
STRATEGIC REWARD PROJECT
May 2010

Reward practice today

 The World is large and diverse; Organisations are different in size, mission and nature. This
results in a variety of compensation, benefit and non-monetary reward policies and practices,
about which we know relatively little.

 There is no transparency of market values (value of a job, value of an individual, value of
experience, value of the working place …). This leads to incorrect judgments and decisions
of both Organisations and individuals.

 Within an Organisation, the reward topic has only a very limited scope:
• Fixed income, diverted to determining parameters, e.g. the job class.
• Bonus policy, diverted to determining parameters e.g. the appraisal system.
• The time span is short, in general not more than a few months.
• The environment is small (my neighbour, my boss, my colleague).

 A remarkably small number of Organisations have a clearly defined Reward Policy.

 Strategic thinking on reward is considered as waste of time.

HRD STRATEGIC REWARD PROJECT, MAY 2010 Page 2

A small number of Organisations have a Reward Policy.
UNITED STATES

 Watson Wyatt 2009-2010 research for the United States

 Job classification
• 65% of respondents indicate they have a systematic, Organisation-wide job levelling process in place.
• Of these, 55% continue to rely on market-based job slotting to develop the job hierarchy meaning that
not more than 30% of respondents apply a grading method looking for internal equity.

 Pay audit
• 52% of respondents report they conduct pay audits to review pay programs on an annual basis, and
another 33% indicate they do so but at no set time.

 Out of Organisations organising pay audits, they are currently:
• Auditing competitiveness of pay (93%) ;
• Assessing the way jobs are assigned to levels (39%) ;
• Conducting statistical analyses of base pay difference by demographic group (38%).


UNITED KINGDOM

 Chartered Institute of Personnel and Development (UK) annual survey 2010

 Reward strategy:
• 35% of respondents report having a written reward strategy. A further 31% plan to create one in
2010.
• A total reward approach has been adopted by 33% of the sample, while a further 21% plan to take this
approach up in 2010.

 Salary level:
• 26% use salary broadbands ;
• 31% link their job grades and salaries to market practice ;
• 40% have no job grades, but link their salaries directly at market prices.

 Salary progression:
• is linked at individual performance by 68% of participants ;
• Only 48% look at market evolution when defining their annual increase rates.

 Pay audits
• 49% of respondents claim that they calculate the size of their total remuneration spend (that is pay,
benefits and other financial rewards, plus National Insurance Contributions). In the voluntary sector this
is only 38%.


UNITED KINGDOM

 Chartered Institute of Personnel and Development (UK) annual survey 2010

 Looking at total reward priorities for 2010, many UK Organisations have concrete plans for
change. Total reward Priorities 2010 are as follows:
• Ensure alignment with the business strategy 52%
• Ensuring remuneration is market competitive 51%
• Ensure remuneration is internally fair 44%
• Cost minimisation 44%

 Planned projects 2010 are the following:
• Amend the existing bonus and incentive arrangements 33%
• Introduce a reward strategy 31%
• Change pension arrangements 22%
• Amend existing recognition/non-cash incentives arrangements 17%
• Pay structure 15%
• Introduce a new job evaluation scheme 14%
• Way pay levels are determined 12%
• Factors determining the annual pay review 12%
• Introduce a bonus for the first time 9%
• Change an existing job evaluation scheme 7%


History of remuneration

 1870-1940: hourly pay rates or piece rates

 1945-1950: pay linked to age and “category” ; pay scales

 1951-1960: job related pay (fixed salary)
• 1951 – Dale Purves, consultant at Edward Hay & Associates, developed the Hay Guide Charts.

 1961-1970: labour market under pressure, first doubts on the traditional pay approach

 1971-1980: gradually putting into practice a wide scope of benefits

 1981-1990: (a) pay for immediate results ; (b) pay the market price

 1991-2000: (a) pay for performance ; (b) long term incentive plans

 2001-2010: (a) total reward ; (b) strategic reward
• Patricia L. Booth (1990) explains “strategic reward” at the Conference Board of Canada, Ottawa
(Strategic Rewards Management: The Variable Approach to Pay, Report pages 52-90).
• Professors write articles and books on “strategic reward”: Lawler & Jenkins (1992), Thorpe (2000),
Heneman (2002), Armstrong (2006)


The changing role of HR

 < 1980: HR does not exist as such.

Pay and administration, frequently part of the Finance Department

 1980: Human Resource Management, first steps

 1990: Advisory services, mainly to Hierarchy

Starting attention to the strategic part of “Compensation & Benefits”

 2000: Advanced advisory services

First steps from pay & benefits to “Reward”

 2010: Evolution towards “strategic business partnership” ; HR co-defines / influences

Business strategy ; Compensation & Benefits is put in a more general framework

of “Strategic Reward”.


Reward : back to basics

 In neuroscience, the reward system is a collection of brain structures which attempts to
regulate and control behaviour by inducing pleasurable effects.
• Primary or natural rewards include those that are necessary for the survival of species, such as
eating, drinking, reproduction, fighting for self-preservation.
• Secondary rewards derive their value from the primary reward, and include shelter, money, pleasant
touch, beauty, music, recognition, appreciation, perspective, etc.

 Rewards modify behaviour.
• Rewards are generally considered more effective than punishment in enforcing positive behaviour.
• Rewards induce learning.

 The effect of reward is NOT defined by the quantity or quality of the “input”, but by the
perception of the rewarded person. What the Organisation gives is not always what it gets.


Reward: first conclusions for HR policy

 Reward is more than salary :
• Remuneration (fixed, bonuses, long term compensation)
• Benefits (car, pension, insurance, disability income protection, meal vouchers, …)
• Appraisal (performance, results)
• Recognition and respect (valuing efforts, involvement, respect, proudness, participation, autonomy,
feedback, development, work-life balance)

 Strategic thinking about Reward should mainly look at the impact of initiatives (how they
will be perceived), not at their aesthetic or technical perfection.

 The impact of less tangible rewards like appraisal and recognition should not be
underestimated.


Strategic reward is more than reward

 Fits with individual‟s needs, i.e. what people are looking for when they join the Organisation
(reasonable income, belonging to, self-actualisation, respect for the life cycle,…) ;

 Fits with Organisation‟s mission and goals (performance, commitment, respect for values,…);

 Engages in ethical and social responsibility (corporate citizenship) ;

 Deals with the issue of economic feasibility.


Strategic reward Management: what is it about?

 Reward refers to all forms of returns – direct and/or indirect, short term and long term,
financial as well as non-financial – that employees receive as part of their employment
relationship.

 Reward Management is about managing these returns on human capital investment, taking
into account the perspectives of both the employer and the employees.

 Strategic reward covers the design and delivery of all aspects of the employee value
proposition, aligned to business strategy to help Organisations to compete for and retain talent
and effectively motivate the right behaviours.

 Strategic reward Management is about developing, implementing and adjusting a reward
mix which influences employees‟ behaviour, skills and performance in order to facilitate the
realisation of the Organisation‟s strategic objectives, in line with the Organisation‟s culture and
the employees‟ needs.


Some major reward trends 2010-2020
SOURCES

 Several consultants organise world wide research on reward trends, e.g.
• Chartered Institute of Personnel and Development
• Mercer Human Resource Consulting
• Hewitt & Associates
• Towers Watson
• Watson Wyatt Data Services
• World at Work (formerly the American Compensation Association)
• The Compensation Research Centre (Canada).

 Universities do a lot of theoretical work on reward trends, analysing the past and focussing on
recent evolutions like “Total Reward” and “Strategic Reward”. They also try to “predict” or
define the best conceptual framework.

 Obviously, “trends” do not always mean “best practice”. It’s important for the
Organisation to go through its own strategic thinking process and to define its own
approach for the future.


GENERAL OVERVIEW

1. The battle for talent

2. Shift from “membership” to “performance”

3. Decreasing relative importance of remuneration in retention policy

4. Growing uncertainty regarding the reasons for rewarding people

5. Recognising recognition as a reward tool

6. Reward policy more intensively conditioned by the Environment

What will (probably) NOT gain more ground in the next decade?


THE BATTLE FOR TALENT

 Geographical move of Organisations, mainly inspired by economic interests

 Geographical mobility of talent

 Short careers

 Women

 Short term – less planned - remuneration initiatives

 Greater sensitivity to market practice

 Unreliable markets


SHIFT FROM “MEMBERSHIP” TO “PERFORMANCE”

 The reduced importance of age (age discrimination)

 Pay increases linked to market value and performance instead of years-in-
service and/or cost of living

 Performance driven reward will be focused on “added value”

 The implementation of focused “success awards”

 More attention given to bonuses rather than payment increases in base pay.

 Rewarding the acquisition and use of new skills and behaviours

 Skills retention policy (specialist career tracks)


DECREASING RELATIVE IMPORTANCE OF REMUNERATION IN RETENTION POLICY

 From salary to “total reward”

 Towards Strategic Reward, initiated by HR or forced by Board or Executive Board

 The failure of employee participation (long term incentive plans)

 Saturation and reduction of perquisites and fringe benefits with limited impact on motivation

 The reduced enthusiasm for „broad banded‟ grades and pay structures


GROWING UNCERTAINTY REGARDING THE REASONS FOR REWARDING PEOPLE

 The increased interest in job evaluation

 Market surveys allowing to have a look on how other Organisations reward
their staff

 Influence of Governments, local Authorities and Unions felt as “constraints”
increasingly bypassed through geographical mobility

 High failure risk of low-cost decisions (outsourcing, subcontracting, low-wage
countries or regions)


RECOGNISING RECOGNITION AS A REWARD TOOL

 The focus on career, allowing self-actualisation

 Flexibility in working hours and working conditions

 The work / life balance

 Social climate

 Quality of leadership

 Corporate identity

 The “employee value proposition”


REWARD POLICY MORE INTENSIVELY CONDITIONED BY THE ENVIRONMENT

 Globalisation reducing pay differences between Countries and Regions

 Economic clusters slowly moving to more harmonised compensation rules

 Governments have a better understanding of reward, and intervene

 The impact of new legislation

 Appeal for “Corporate citizenship”, e.g. the need to take positive action to achieve equal pay
and multiracial / multicultural employment


WHAT WILL (PROBABLY) NOT GAIN MORE GROUND IN THE NEXT DECADE?

 Competency based pay

 Team reward, group reward

 The use of intuitive classification systems of job evaluation to replace point-factor systems (job
ranking instead of job grading)

 Flexible remuneration packages (cafeteria plans or application of the “generation theory”)


The battle for talent
EUROPE

Evolution of unemployment in Europe (27)

25,00

20,00

15,00 Unemployed
(millions by end Q3 of)
Vacancies
10,00 (millions by end Q3 of)

5,00

-
Available workforce = 235.8 millions
2006 2007 2008 2009


ASIA

 Vedior research report for Asia Pacific Employment Trends, 2008.

 In Singapore, 57% of Organisations report sourcing talent as an issue.

 Head hunting will continue to rise.
• 42 % of Australian Organisations are using executive search/headhunting more frequently as part of
their recruitment process.
• Head hunters have far going influence in the composition of compensation packages.
• Once thought of as exclusive to very senior and executive roles, one in five of respondents now use the

 (…) many Organisations will be heavily influenced by the ongoing talent shortage. We will
continue to see a shift in the balance of power between the employer and the employee, as
Organisations go into attack mode to compete over talent and simultaneously ensure that
they defend high performers from being lured away. Employers will need to be flexible,
innovative and courageous in their recruitment strategies.


RECOMMENDED ACTIONS FOR REWARD POLICY

 Define an Attraction policy.

 Make reward - as a part of your attraction policy - flexible, but consider influence on existing
workforce.

 Get your reward policy supported by a strong employer branding.

 Stay in touch with reward market evolutions and debate them regularly.

 Hire people with talents that you need; avoid overshooting which leads to overpaying and
demotivation.
• Carr and MacLachlan 1996-2005: “Pay discrepancies decrease work motivation among both lower
and higher paid individuals.”


Shift from “membership” to “performance”

 Emphasis across all areas of reward will be on CONTRIBUTION to the Organisation, rather than
on membership in the Organisation. The focus on performance based reward is gaining
attention in all areas of the World.

 However, today there is no fundamental understanding of why those reward systems work,
and under what circumstances they work. Research by work psychologists is running.


Shift from “membership” to “performance”
SPECIALIST CAREER TRACKS

 A fairly significant trend has evolved over the past few years where Organisations are
acknowledging that one does not have to get onto the management track to get rewarded.
Dual career paths i.e. one for management and one for technical staff, have been designed
where it is possible for specialist staff to be promoted into the upper echelons of the
Organisation. The benefits of this are that best technical people are not lost into management.


Decreasing relative importance of remuneration in retention policy
ASIA PACIFIC, 2008

Does your organisation offer any of the following to
help retain its employees?

Formal performance reviews

Training and development opportunities

Flexible work options

Internal career opportunities

Health and wellbeing programmes

Market competitive remuneration & benefits

Career breaks

International exchange programmes

Subsidised childcare

Other

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%


UNITED STATES & UNITED KINGDOM

• Nelson Motivation, Inc., San Diego, California, 2002 survey of 1,500 employees (of all ages)

 The ranks of employee motivators in descending order are as follows: a learning activity,
flexible working hours, verbal praise, increased authority, autonomy, time with their manager,
time off from work, public praise, choice of assignment and written praise. What is noteworthy
is that the cash reward ranks 15th in importance (Reynolds, 2005).

• Chartered Institute of Personnel and Development (UK) annual survey 2010

 Outside the public and voluntary sectors, most of the final salary pension schemes (“defined
benefits”) are now closed to new entrants, while a significant proportion are closed to future
accrual as well. New tendencies are: salary-sacrifice arrangements like “defined contribution
plans”, increase of employee contributions and amendments of the existing final salary
pension schemes.



• Mercer global research report, 2010

 Organisations will continue to segment their workforces to provide targeted increases to key
roles - those delivering greatest value to the Organisation - and the high-performing or critical
individuals in their Organisations.

 Organisations are responding to the tight labour market by: taking a broader approach to
reward; placing a renewed emphasis on ensuring better alignment between reward
strategy and business strategy as well as better linkages between performance and
reward; and looking to review the competitiveness of their pay offer against relevant
markets.

 The reason employees stay is strongly related to the overall employee offer,
including: career and development opportunities; support and feedback from their manager to
assist with growth; the Organisation‟s ability to customise their reward offering to suit
individual needs; ability to contribute to new ideas; and the feeling that their performance is
recognised.



• World at Work, surveys in US based international Organisations

 Respondents expect the following reward elements to increase substantially (decreasing
order):
• Development
• Career opportunities
• Work-life balance
• Performance
• Recognition
• Benefits
• Compensation


2008 research in Asia Pacific shows the relative importance of several reward linked
topics

What is going to be the biggest human capital
challenge for your Organisation 2009-2010?

Managing immigration obligations

Communicating employment & workplace …

Controlling people costs

Managing salary expectations

Establishing / improving internal goals and values

Managing people performance and productivity

Managing internal change

Retaining your people

Attracting talent

0% 5% 10% 15% 20% 25% 30%


Growing uncertainty regarding the reasons for rewarding people
WHAT SHOULD DEFINE THE PAY LEVEL?

 The job ?

 The job grade ?

 Internal equity ?

 The market ?

 The job holder ?

 The economic situation of the Unit or the entire Organisation ?


WHAT SHOULD DEFINE THE INDIVIDUAL REWARD ?

 There is no one obvious measure to determine reward
• Age and/or seniority
• Education and diplomas
• Past experience
• Know-how, technical and/or social competence

• Presence and number of hours
• Loyalty
• Behaviour
• Effort and good will
• Charisma, leadership style

• Performance
• Merit
• Results of the past
• Team contribution to performance and results


RECOMMENDATIONS

 Develop a philosophy to reward. Example: our Group wants to reward the following:
• The relative importance of the function, determined through required technical and social know-how,
problem solving capacity and accountability
• The individual technical and social competence in the function
• The performance of the individual, the operating entity and our Group as a whole
• Following the market standards (activity domain and / or local markets), in order to be competitive
• [ PS: Education, age, number of hours, past merits, seniority, “effort” are individually as such neither
specifically sought nor compensated (what about loyalty and less employable experience?) ]

 Move from compensation & benefits to “strategic reward”, including less monetary rewards
like:
• Performance steering & appraisal
• Recognition (having access to decision-making involvement, the challenge and sense of achievement,
preferable growth opportunities,…)
• Environmental factors (a comfortable office, favourable interpersonal relationship inside the Organisation,
…)

 Call for action:
• Communicate clearly on the chosen approach
• Encourage Directors / Managers to apply it.
• Explain to staff how to benefit from it (the added value equilibrium)


RECOMMENDATIONS

 Most of the Organisations do not keep detailed records of reasons of resignation. The general
impression is that employees, not leaving for personal or family life reasons, nearly always
leave because of salary.

 Statistical research shows that this assumption is completely wrong.

 The following exercise is strongly recommended in order to get more insight in resignation
decisions within your own Organisation, and in the role that reward (broad definition) should
play in retention policy:
• Why do people join our Group ? (main reason first)
• Why do they stay ?
• Why do they leave ?


RECOMMENDATIONS

 Why do top performers leave ?
• Inadequate promotion opportunities
• Inadequate opportunities to develop skills
• Dissatisfaction with management style
• Conflict with managers
• Uncomfortable with work environment
• Dissatisfaction with pay

• Source: Watson Wyatt Strategic Reward Survey 2003


RETENTION IS MORE THAN TANGIBLE BENEFITS (ASIA PACIFIC, 2008)

What are the three main reasons why employees
leave your Organisation?

Personal / lifestyle reasons

Explore external career opportunities

Poor cultural fit

Lack of internal career opportunities

Below average remuneration packages

Lack of strong leadership

Limited employee benefits

Poor understanding of employee views

Lack of flexible work options

Lack of training and development programmes

0% 10% 20% 30% 40% 50% 60% 70%


Recognising recognition as a reward tool

• Survey by World at Work USA, 2009

 Nearly 90% of responding (Fortune 500) Organisations have employee recognition programs
in place. Approximately 90% of Organisations continue all of their existing recognition
programs from year to year and +50% of Organisations say they are planning for new
programs in the coming years.

 About 70 % of surveyed Organisations offer both formal and informal recognition programs,
catering to a diverse workforce motivated by different types of recognition.

 Creating a positive work environment, motivating high performance and creating a culture of
recognition are the most common recognition program objectives.

 Companywide programs are in place at 91% of Organisations, whereas only about 50% utilize
department or unit-specific programs.

 Today the most common recognition programs are:
• length-of-service (86 %)
• above and beyond performance programs (79 %).
• peer-to-peer programs: 42% of the companies are encouraging workers to acknowledge the
achievements of others.



• Research by Hay Group 2009

 Clusters that employees value most:
• Inspiration and Values
• Future growth and Opportunities

 Tangible rewards are at the first place in Organisations where a decline in salary market
competitiveness has raised the level of attention on pay, and taken it back to the front of
people‟s minds.

• Chartered Institute of Personnel and Development (UK) annual survey 2010

 Around 40% of all respondents use employee recognition schemes, while 30% use non-cash
incentives.


THE EMPLOYEE VALUE PROPOSITION (EVP)

 The employee value proposition (EVP) encompasses the collective array of programs and
initiatives the Organisation offers in exchange for employment, performance and
results.

 It is influenced by the Organisation‟s business, brand, values, culture and leadership.

 The Organisation‟s EVP should be unique, relevant and compelling if it is to act as a key driver
of talent attraction, engagement and retention.

 The EVP is only complete and useful when both employer and employee are explicitly agreed
about what they will each put into the deal and what they will each take out.

 Implicit in the term EVP is the notion of communication. Any communication direct to
employees or potential employees regarding any aspect of their employment must reflect both
sides of the deal to be effective.

 The EVP has tremendous power to serve as a platform for designing reward programs and
driving cultural change.


AMBIGUOUS TOPIC FOR MANY ORGANISATIONS

 Recognition programs are more important each year.
• Creating a positive work environment, motivating high performance and creating a culture of recognition
are the most common recognition program objectives, widely supported by most of the Organisations.
• 35 to 40% of participants confirm increasing their number or budget of recognition programs each year.
• 52 to 60% confirm the implementation of an additional program in the coming 12 months.
• 52% of Organisations say having a written Recognition Strategy, aligning with Organisation‟s strategy.
• 80% of Senior Managers are supporting the recognition programs (normal to high level support).

 On the other hand:
• Most of the recognition programs are perceived to have little to no impact on retention.
• Only 46% of senior managers considered recognition programs as an investment. 13% called it “an
expense” and 41% were unsure about the success of those programs.
• Only 19% say having a formal training program on recognition, for Managers.
• Figures are worse than some years ago.

• USA research by World at Work


Reward policy more intensively conditioned by the Environment
OPERATIONAL CONDITIONS OF THE ORGANISATION

 Economic work space

 Availability of qualified workforce

 Mission of the Organisation

 HR dynamics and effectiveness

 Dynamics of the Organisation (restructuring, business realignment, outsourcing, merger &
acquisition)


ECONOMIC PROSPERITY: UNITED STATES

• Watson Wyatt US 2009-2010 Strategic Rewards Survey (update 10-2009)

 Impact of recession has been widespread and is likely to linger. Restoration will be a long-term
process.

 High-performing firms were better prepared for the recession.

 Reward programs affected
• Merit budgets low but expected to rebound. In October 2009, 40% reported a 0% increase for 2009, and
10% reported a 0% increase for 2010 ;
• Annual incentive plan funding reduced ;
• Retirement savings and health care programs will be treated differently: 25% reduce employer
contribution; 42% raise percentage employees pay for health care premiums ;
• 71% of respondents have made some change to their 2010 health care plan due to the economy ;
• Cost-cutting measures employed to avoid layoffs ;
• Negative impact on employee engagement : greatest impact on high performers ; retention risks loom as
we move toward recovery ;
• Performance was a critical factor in layoff decisions.


ECONOMIC PROSPERITY: ASIA (HONG KONG)

• Mercer, December 2009

 A survey covering the latest market trends on salary increase, variable pay, staff turnover and
HR-related hot topics among Hong Kong companies shows the following:
• The forecasted salary increase is trending downwards. About 16% of respondents indicated that they will
freeze salaries in 2010 (15% in 2009).
• The average forecasted salary increase including companies opting for a salary freeze: 2007 = 5.2%,
2008 = 4.5%, 2009 = 2,5%, 2010 = 3,0%
• Important differences per economic sector:

Average salary increases (including
Industry sectors 2008 2009 2010
Chemical 4.1% 1.0% 2.1%
Consumer Goods 4.5% 3.0% 3.2%
Engineering 4.4% 1.7% 2.0%
Healthcare Services 5.1% 2.9% 3.8%
High-Tech/Telecom 4.3% 1.1% 1.6%


GOVERNMENTS INFLUENCE REWARD POLICY AND PRACTICE

• Example of USA, Watson Wyatt 2009-2010 research.

 The Lilly Ledbetter Fair Pay Act redefines the statute of limitations on discrimination.
• Requires that companies retain records regarding pay decisions
• Restarts every time someone receives a pay check or other remuneration that has been affected, in
some way, by a prior discriminatory decision ;
• 70% of respondents say their Organisation is working to improve governance procedures related to
gathering, storing and monitoring data in the United States.
• 73% are implementing consistent tools, processes and/or technology to improve governance procedures.
• 71% of Organisations indicate they plan to review their HR programs in light of the act ;
• 53% have already begun planning a response.

 Employers should take a proactive approach to ensure their pay programs are credible,
rational, defensible and bias-free. Best practices include:
• Job classification
• Pay audit
• Reward plan governance.


SUMMARY

1. The battle for talent

2. Shift from “membership” to “performance”

3. Decreasing relative importance of remuneration in retention policy

4. Growing uncertainty regarding the reasons for rewarding people

5. Recognising recognition as a reward tool

6. Reward policy more intensively conditioned by the Environment


Further reading

 Books and reports

 ARMSTRONG, M. and BROWN, D. (2006; 2009) Strategic reward: Implementing More Effective Reward Management. London, Kogan
Page, 266 pages

 ARMSTRONG, M. and MURLIS, H.(2007) Reward Management: A Handbook of Remuneration Strategy and Practice, 715 pages

 HENEMAN, Robert L., (2002) Strategic reward management: design, implementation, and evaluation, Information, Age Publishing
Inc., 520 pages

 LAWLER, E. and JENKINS, D. (1992), Strategic reward systems, Center for Effective Organisations, Los Anbgeles, 90 pages.

 PARRY, E. (2008) Managing an ageing workforce: the role of total reward. Research insight. London: Chartered Institute of
Personnel and Development.

 THORPE, R. and HOMAN G. (2000) Strategic Reward Systems, 320 pages.

 Journal articles

 CHEN, H-M. and HSIEH, Y-H. (2006) Key trends of the total reward system in the 21st century. Compensation and Benefits Review.
Vol 38, No 6, November-December. pp64-70.

 CHRISTOFFERSON, J. and KING, B. (2006) The 'IT' factor: a new total rewards model leads the way. Workspan. Vol 49, No 4, April.
pp18-19,22,24,26-27.

GRAHAM, M. (2005) The rewards of total rewards. Workspan. Vol 48, No 11, November. pp32,34-35.

 SEJEN, L. (2006) Total rewards: 10 steps to a more effective program. Workspan. Vol 49, No 4, April. pp36-39.


It doesn‟t take a genius to figure out that
in an environment where there is a shared vision of excellence,
where people can be the best they can be on a daily basis,
where - when they know what is expected of them -
understand that reward is linked to performance
and believe they can make a difference because they will be heard
they WILL make a difference.
They will go beyond our expectations and great things will start to happen.

Frederick W. Smith (11-08-1944) is the founder, chairman,
president, and CEO of FedEx, originally known as Federal
Express, the first overnight express delivery company in the
world, and the largest in the United States.


© 2010 The outline and contents of this document remain the intellectual property of JB-
assistance. However, it can be forwarded, copied, distributed and used for free within your
Organisation, without written permission from the author.

JB-assistance is working for clients with an international scope only, in several HR domains
such as job analysis and description, job grading, fixed income and bonus policy, club
salary market surveys, HR due diligences, added value analysis and HR audits.

Recognitiestraat 19, B 2160 Wommelgem, Belgium
info@jb-assistance.be
http://www.jb-assistance.be

MD : Jean Buelens
Phone : +32 473 187 427
jean.buelens@jb-assistance.be

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