Elementsofrewardschemes elementsofrewardschemes non

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Unformatted text preview: at is expected of them – they are clear about their goals and accountabilities • They have the skills and competencies to achieve their goals • High performance is recognized and rewarded accordingly • People feel that their job is worth doing and there is a strong fit between the job and their capabilities • Managers act as supportive leaders and coaches, providing regular feedback, performance reviews and development • A pool of talent ensures a continuous supply of high performers in key roles • There is a climate of trust, teamwork aimed at delivering a distinctive service to the customer. Elements of Reward Schemes Elements of Reward Schemes Non-financial rewards Recognition, responsibility, achievement, autonomy, development, growth Job evaluation Grade and pay structure Market rate analysis Business strategy HR Strategy strategy Reward strategy / policies Base Pay Contingent pay Employee benefits Allowances Performance management Total remuneration Total reward Policy and Practice Policy and Practice The two key considerations are: • CONTEXTUAL FACTORS (internal & external environment) • CONCEPTUAL (theories & beliefs) Contextual & Conceptual Contextual & Conceptual • The internal environment – people culture, technology etc • The external environment – competition, legislation, globalization • Strategic management – approach to strategic management • Total reward – holistic approach including financial and on­ financial • Human capital management – managing people and knowledge assets • Levels of pay – factors which influence levels of pay • Motivation – theories and practices of motivation • Engagement and commitment – how to generate it in people • The psychological contract – employer and employee ‘deal’ Reward Management Evolution Reward Management Evolution FROM TO Unrealistic expectations The new “realism” Business-driven factors Aligning rewards with business strategy, employee needs and environmental requirements Isolated initiatives...
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This document was uploaded on 02/03/2014.

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