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Reward Management

This is an important aspect of HR especially in a Current Scenario when talent engagement is very important and Reward management plays a vital role in it.

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Reward Management

  1. 1. Reward Management
  2. 2. Balancing Reward Strategy
  3. 3. Components of Total Rewards  Financial Rewards and Benefits  Base Pay  Contingent Pay ( for Performance or Contribution)  Variable Pay (Cash bonuses)  Share ownership  Benefits  Non Financial Rewards  Recognition  Responsibility  Meaningful Work These arising from the work and work environment itself  Autonomy  Opportunity to use and develop skills  Career Opportunities  Work Life Balances
  4. 4. Factors Affecting Levels of Pay  Factors Influencing Job Values  Intrinsic Values  Internal Organization Relativities.  External Job Market Relativities.  Inflation and Market movement  Business or Financial circumstances
  5. 5. Rewards As Motivator  In any work environment Rewards (both Financial and Non Financial) can act as a motivator.  Financial rewards:  Effectiveness of money as a motivator.  Reasons why people are satisfied or dissatisfied with their rewards.  Criteria which should be used when developing a financial reward system.  Non Financial rewards:  Can be focused on the needs most people have although to different degrees for achievement, recognition, responsibility, influence and personal growth.
  6. 6. Reward Policies for New & genuine Start Ups  Where to start:  Attract and keep people anxious to make organization grow and flourish.  Reward the risk of coming into a new venture with high rewards and generally a share in the business if the risk pays off.  Provide a sensible basic salary that is reasonably competitive with the market for most staff and highly competitive if rare skills have to be brought in.  Lock people to give business stability- with share schemes or profit sharing for everyone.  Make a LEAN organization until some “FAT” comes in the systems.  Payout bonuses or provide non-cash rewards when key milestones in the business plan are successfully achieved.  Improve on office culture and ambience.
  7. 7. Diagnostic Check list  Is there a clear and articulated link between reward strategies and HR strategy on:  Organization design.  Recruitment : a reasonable attractive total package.  Training: rewarding skills acquisition and use.  Development: rewarding the behaviors or competencies associated with good performance and continued learning.  Performance Improvement.  Effective team/group working.  Promotion: rewarding the acceptance and successful delivery of greater responsibilities.  Reinforcing loyalty, integrity and commitment
  8. 8. Diagnostic Check list  Is there a strategy for ongoing reward management which :  A. is based on organization’s:  Mission and values.  Culture.  Current and future needs.  B. Staff at all levels understand, at least in outline and believes to be fair and rational.  C. Provides for a flexible response when different parts of the organization have different needs or face different pressures.
  9. 9. Diagnostic Check list  What is the policy on levels of rewards,  A) the chosen place in a well- defined, surveyed and comparable pay market for different grades, levels and specialisms.  B) the need to attract and retain high quality staff.  C) the need for stability and sustained staff commitment?  Is there a consistent method of progression pay, according to:  A) length of service.  B) experience (how is this assessed?)  C) performance or contribution  D) competency acquisition and use;  F) skill?
  10. 10. To have a detailed discussion CONTACT: NILESH KUMAR +91-997181-1300 NILESHKUMAR25@GMAIL.COM