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REWARD MANAGEMENT

REWARD MANAGEMENT. Alba Montesinos Chico de Guzmán Patricia Alcaide Lanzat Salvador Gámez Moll. Index. Definition . Aims of Reward Management. Components of Reward System . Guiding Principles . Total Rewards . Financial Rewards . Financial Rewards and Financial Incentives.

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REWARD MANAGEMENT

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  1. REWARD MANAGEMENT

    Alba Montesinos Chico de Guzmán Patricia Alcaide Lanzat Salvador Gámez Moll
  2. Index Definition. Aims of Reward Management. Components of RewardSystem. GuidingPrinciples. Total Rewards. FinancialRewards. FinancialRewards and Financial Incentives. ArgumentsagainstFinancialRewards. Non-FinancialRewards. Real lifeexamples. Questions.
  3. Definition “Rewardmanagementisconcernedwiththestrategies, polices and processesrequiredtoensurethatthevalue of people and thecontributiontheymaketoachievingorganizational, departmental and teamgoalsisrecognized and rewarded.” Rewardmanagementisnotjustaboutpay and employeebenefits. Itisequallyconceredwith non-financialrewards.
  4. Aims of Reward Management Support the achievement of business goals through high performance. Develop and support the organization’s culture. Define what is important in terms of behaviours and outcomes. Reward people according to the value they create. Reward people according to what the organisationvalues. Align reward practices with employee needs. Help to attract and retain the high-quality people the organization needs. Win the engagement of people.
  5. Components of RewardSystem StrategyReward. Total Rewards. Financial and Non-financialRewards. Valuingjobsthroughjobevaluation and marketpricing. Grade and paystructures. Payprogressionthroughcontingentand service-relatedpayschemes. Recognitionschemes. Employeebenefits and pensions.
  6. GuidingPrinciples Operating the reward system fairly, equitably. Developing reward policies and principles that support the achievement of business goals. Rewarding people according to their contribution. Recognizing the value of everyone who is making and effective contribution, not just the exceptional performers. Creating and attractive employee value proposition.
  7. GuidingPrinciples Providing rewards which attract and retain people. Helping to develop a high-performance culture. Maintaining competitive rates of pay. Maintaining equitable rates of pay. Allowing a reasonable degree of flexibility in the operation of rewards processes and in the choice of benefits by employees. Developing more responsibility for reward decisions to line managers.
  8. Total Rewards A total rewards approach links all aspects of reward together and treats them as an integrated and coherent whole. The aim is to maximize the combined impact of a wide range of reward initiatives on motivation, commitment and job engagement. The Total Rewardsconcepemphasizestheimportance of bothfinancial and non-financialrewards.
  9. Total Rewards
  10. FinancialRewards Allrewardsthathave a monetaryvalue and add up to total remuneration(base pay, contingenton performance, contribution, competencyorskill, payrelatedtoservice, financialrecognitionschemes, and benefitssuch as pensions, sickpay and healthinsurance). Requiresdecisiononlevels of pay, howjobsshould be valued, thedesigns and operation of grade and paystructures and thechoice of benefits.
  11. Financial Rewards and Financial Incentives Financial incentives aim to motivate people to achieve their objectives, improve their performance or enhance their competence or skills by focusing on specific targets and objectives. Financial rewards provide financial recognition to people for their achievements, they can serve as indirect motivators.
  12. FinancialRewards
  13. Arguments against Financial Rewards Will not result in sustained motivation. It cannot be assumed that money will motivate all people equally. Can demotivate those that do not get financial rewards. May be against quality and team work.
  14. Non-Financial Rewards Non-FinancialRewards are thosefocusontheneedspeoplehavetovaringdegreesforrecognition, achievement, responsability, autonomy, influence and personal growth. Job enrichment - giving workers more interesting, challenging and complex tasks. It gives workers the chance to test themselves and use their full range of ability. It is more motivating than job enlargement or job rotation.
  15. Non-Financial Rewards Job enlargement - giving workers more tasks to do of a similar nature or complexity It reduces the monotony or repetition It does not increase a person’s satisfaction or sense of achievement. Job rotation - having a wider variety of tasks to do It does not increase the challenge of the job.

  16. Real-Life Examples

  17. Google Benefits that the employees have: RreeBreakfast and food. Health and free dentist. Free hairdresser'sshop and dry cleaner's shop. Gymsand swimmingpools. Subsidies forhybrid cars. Video games and ping pong. Medical consultation. “Benefits” fordeath. Falls remuneratedbymaternity.
  18. Apple Some privileges that his employees should enjoy: New discounts in Apple's products. A program that equalizes up to a certain limit the personal contributions that the employees do to institutions of charity. Blue Sky. Other measures to ensure that employees feel more valued and not leaving the company. Academies, shown restraint special gratis, service of dry cleaner's shop in the place of work, day-care center, doctor in the company and free bus for the one who lives far.
  19. Mercadona Remunerative politics: principle of equity, payment that exceeds the industry average, remuneration fixes, variable remuneration (objectives premium). Employees don’t have bonus, however each year´s salary is increased. Permanent contract. Not open on Sundays. Child education center in logistics blocks. One month extension of the period of maternity leave. Political proximity to the workplace. Health policy and prevention.
  20. Inditex Bonus. Fixed salary. Incentives based on sales : SALES MONTH x 0.025%= commission to be shared among staff. Inditex card ( 15% discount on every purchase). On Saturday afternoon are not paid, the employee is reward with ½ day off during the week.
  21. McDonalds Crew room: There is a room where all employees can rest and eat comfortably in the time allotted for it. Employee of the month. All employees can enjoy free food. All employees enjoy some time off during the week. Motivational activities: training, incentive programs, sports activities, family days, walks, motivational workshops.

  22. QuestionsTo Debate

    “Reward Management”
  23. AboutTheory ArgumentsagainstFinancialRewards. Argumentsagainst Non-FinancialRewards. Ifyou are a directive in a company, what do youpreferthinking in thecompany? Financialor non-financialrewards? And, ifyou are anemployee?
  24. AboutExamples Mercadona(supermarket) doesn’tpaybonusitsemployeesbuteachyear´ssalaryisincreased. Ifyouwere a Mercadona´semployee, are youagreewiththissituation? Or do youprefer a bonus? In Mercadonathe workers are divided by departments and they have to satisfy a sale´s target. But this situation could lead to the seller to be an aggresisveseller overwhelming customer. Do you think that this situation is of benefit to the company?
  25. AboutExamples Imagine thatyou are anInditex´semployee. IfyouworkonSaturday Inditex givesyou a halfday off duringtheweek. Are youagreewiththis non-financialrewardor do you prefer charging? Inditexdoesn´t reward of individual form his employees but he does it of collective form, Do you think that it is just for the employees? Why?
  26. Do youhave laboral experience? Can youexplainforusaboutyourrewards? Do youlikethisrewards? THANKS FOR YOUR PARTICIPATION!
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