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Management of Reward Strategy to drive superior performance1

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Management of Reward Strategy to drive superior performance1

  1. 1. MANAGEMENT OF REWARD STRATEGY TO DRIVE SUPERIOR PERFORMANCE Presentation 01 September 2016 by Raj
  2. 2. INDUSTRY BACKGROUND • Mass Rapid Transit(MRT) Station & Tunnel Construction, Singapore • Industry: Construction • Company Size : MNC – 12000+ • Job Functions: Strategic HR Practitioner • Pay Policy = Hybrid
  3. 3. EMPLOYEE VALUE PROPOSITION (EVP) Our people strategy aims to support the business strategic priorities by attracting, integrating, retaining and developing the people required to deliver our strategic and business plans. Our people are our greatest Asset. It is also called Growing with us. This is a framework of 5 key focus areas for the delivery of Human Resources initiatives, which are required by the business to meet our strategic goals. We have a range of HR activities underway which this framework brings together under a co-ordinated direction to deliver growth and people development. HR is responsible for the creation of strategy, systems, process and support whilst the business units are responsible for the delivery of HR services to their respective business units. By ensuring that we are all working under the same framework we will avoid inconsistency, overlapping whilst remaining flexible enough to satisfy our different projects, regions and cultural differences. In order to  Attract  Integrate  Engage, Motivate & Develop  Retain We take EVP as an employee-centric approach by using Conjoint analysis to better understand what benefits does all employees are in favor of.
  4. 4. KEY FEATURES IN ENHANCING & RECOGNISING SUPERIOR PERFORMANCE • Work-Life Balance • Open door policy • Recognition awards • Awards for innovative ideas • Challenging projects • Cross employment • Job-Sharing • Monthly Mortgage Assistance • Points awarded for work excellence which can be used in Flight & Hotel booking, Additional Insurance, Memberships , etc.,
  5. 5. PERFORMANCE MANAGEMENT FRAMEWORK MANAGE – MONITOR – MEASURE – RECOGNISE Establish Performance Expectations / Goals – Team & Individual based Tools and Training given Monitoring Systematic & Timely Performance Improvement Points(PIP) & Problem Solving Performance Review, Appraisal & feedback Establish Recognition & Reward Performance Management Process
  6. 6. ISSUES THAT CAN BE FINE-TUNED FOR FURTHER EXCELLENCE • Award value should be increased in order to keep it appealing • Award recipients’should be interviewed by company magazine/newsletter. • Managers should be constantly trained to engage fairly with employees to avoid favoritism during Performance Management • Both the Managers and employee’s should be given ample time for performance management.
  7. 7. TOTAL REWARDS STRATEGY & APPLICATIONS COMPENSATION • Hybrid BENEFITS •Medical Insurance •Medical Claims • Transport allowance • Employee Wellness Programs WORK-LIFEEFFECTIVENESS •Flexible work schedule •Neighborhood Child-Care •Neighborhood Gym & Sports facilities RECOGNITION&AWARDS •Employee suggestion channels •Performance Management •Autonomy • Trust TalentDevelopment •Leadership •Mentoring/ Coaching •Promote from within • Cross Employment
  8. 8. ALIGNMENT OF TOTAL REWARDS WITH MISSION, VALUES, STRATEGY Mission / Business Strategy Company Brand Value Align Total Rewards To generate sustainable returns for shareholders by delivering projects for our clients while providing safe, rewarding and fulfilling careers for our people. Our mission is supported by four principles which guide our actions and act as a common unifying bond across our operations. Our Principles are Integrity, Accountability, Innovation and Delivery. Each of these principles is underpinned by a continual focus on safety which is fundamental to our operations. The Group’s shared principles help us to: • Provide safe, supportive and positive workplaces • Support a united and collaborative culture where engaged employees are aligned to achieve superior performance • Deliver technical excellence and create efficient, innovative solutions that satisfy our clients • Generate sustainable cash-backed profits which creates value for shareholders • Build an enviable reputation and the trust of employees, clients and other stakeholders. • Business Strategy • HR Strategy • Total Rewards • Compensation • Work Life Balance • Company Culture • Employer Branding • Performance Management • Recognition & Awards • Engagement and Motivation • Development & Career Opportunities
  9. 9. MECHANISMS RELEVANT TO BUSINESS ENVIRONMENT TAKE CARE OF YOUR EMPLOYEES AND THEY WILL TAKE OF YOUR BUSINESS  Total Rewards system Pay for Performance drive superior performance  Career Development Career development and Cross employment ensures talented personnel to expand their skills beyond their expertise  Monthly Mortgage Assistance Monthly Mortgage assistance relieves a small amount of financial stress for employees who stay longer  Other Benefits Gym & Sports memberships help our employees to stay fit and healthy. Neighborhood child care facilities make our employees feel at ease and closer to their kids while at work.
  10. 10. ADVANTAGES OF TOTAL REWARDS Advantages of Total Rewards: • Attracts Talents • Recognise • Employee’s feel they are valued • Build brand value • Retain talents • Brand ambassador of company’s products • Sustainable business growth
  11. 11. RECOGNITION & REWARD MEASURES – BEST PERFORMERS Recognition and Reward Measures: • Valuable talents were identified • Monetary and Other value added rewards will be awarded • Talents will be interviewed and article about their success will be published in newsletter To bridge the gaps between current employee stage to desired performance we follow SWOT methodology S – Strengths & Skills W – Weakness O – Opportunities T - Tragedy By measuring Strengths and weakness of each employee, we are able to equip them with necessary skills and training in order to grab opportunities or handle tragedy as it happens.
  12. 12. SUGGESTION ON IMPROVEMENTS • Global Total rewards system should be implemented • Employees suggestion channels should be more sophisticated • Flexibility of rewards system - to be consumed by the employee whenever they wish to do so • First preference to employee’s families when it comes to recruitment • Employee nomination for government or highly recognized agency awards • Timely and simple way of communication and confirmation of employees’ understanding • Design benefits to suit millennials and modern generations
  13. 13. IMPLEMENTATION ISSUES • Management/Employee may not support for slow and long term benefits which may not produce quick results • Proper , simple and efficient way of communications should be followed • Address employees who have difficulty in understanding the benefits • Aligning country culture and benefits implementation • Efficiency in implementation • Educate employees who don’t consume any benefits • Tight work dead line during consumption of benefits Thank You

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