Youmustseekbestfitrewardswithyour

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Unformatted text preview: Integrated reward management Focus on financial rewards and incentives Focus on total rewards, engagement and organizational commitment Reward system: mechanistic, inflexible, over-complex Reward process: organic, variable, relatively simple Pay progression: individual performance / service Pay progression: contribution, skills and knowledge Planning Practicing Design: best practice Process: best fit Inform (maybe) top-down telling Communicate and involve ‘Big bang’ change Evolutionary change Guesswork / faith Critical evaluation of initiatives and their effectiveness (Human Capital Management approach) Internal & External Internal & External Environment For rewards management to succeed you must know, understand and accommodate your INTERNAL and EXTERNAL environments. You must seek ‘best fit’ rewards with your environments; not simply what other companies are doing. Your Internal Environment Your Internal Environment The 4 key elements of internal environment: • • • • Organizational Culture People (the mix of human variables) Technology (Sustaining reward initiatives) Business Strategy (what do we seek to achieve?) Culture through Values Culture through Values Most critical are the Three P’s of CULTURE: • • • Positive – we like ourselves and our business Progressive – we strive for betterment Participative – one culture, everyone involved Culture – Industry Examples Culture – Industry Examples TESCO Supermarkets UK • • • • • • • • • • • No one tries harder for customers Understand customers better than anyone Be energetic, innovative and be first for customers Use your strengths to deliver value to customers Treat people how we like to be treated There’s one Tesco team Trust and respect each other Strive to do our very best Give support and praise more than criticize Ask more than tell and share knowledge Enjoy work, cel...
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