Reward Management

[abhishreshthaa]

REWARD MANAGEMENT

Reward management system reenforcing teamwork,not individual efforts


Reward plans aligned to the Mission and Vision of the company


No universal reward plan



WHAT IS AN APPROPRIATE MODEL?

• Recognition Plans
  
  
• Investment in human capital
  
  
• Reflects culture of the organisation
  
  
• Distinction between Recognition and Incentive.
  
  
• Require attention and refreshing to keep it meaningful.

Recognition Plans

Celebrating organizational objectives


Reinforcing performance of teams


Reinforcing desired behaviors or activities.


Celebrating organizational objectives

• Picnics, pizza parties, lunches, information trading sessions.
  
  
• Inexpensive, fun, positive cultural statement.
  
  
• Frequent, open, honest, involving.
  
  
• Focus and celebration not manipulation and hype.

Reinforcing performance of teams

• Spot awards – managements discretion
  
  
• Private or Public recognition
  
  
• Cash, Merchandise, special assignments.
  
  
• Time or event based awards.

Reinforcing desired behaviors or activities

• Social Recognition of completion of training course or special project.
  
  
• Plans should be Dynamic and Meaningful.

Project Team Incentives

• Project teams – cross-functional membership or subset of existing unit.
  
  
• Incentive- Pre announced goals
  
  
• Do this- get that

Project Milestones

• Hit a milestone, on time,budget.
  
  
• Inherent problems –
  
  
• Milestones often change.
  
  
• Project Completion
  
  
  
• Earn a defined amount on completion

Value Added

• Incentive on value added by the project.
  
  
• E.g. reduced turnaround time, cycle time, cost savings, incremental profits,etc.
• Tend to be exclusionary.
  
  
• Pre announced reward schedule – Do this Get that is the best as incentive plans.

• Organization unit incentive plans.
  
• Covers a defined population.
  
  
• Inclusion of every member of the defined unit.
  
  
• Pre-announced rewards.
  
  
• Linking of performance measures with business objective.
  
  
• Combination of performance measures.

• Reasons Why It Works-
  
• Encourage teamwork.
  
  
• Engages all employee base.
  
  
• Pays out only when improvement occurs.
  
  
• Based on results, not activities.
  
  
• Communicates and engages employees for accomplishment of critical objectives.
  
  
• Dynamic in nature.

Some Advantages.

• Help create accountability.
  
  
• Help to communicate “Long-line-of-sight” plans.
  
  
• Companies can manipulate their pay-packages to look more attractive to the employees.

 

[jitenmazee]

REWARD MANAGEMENT

Reward management system reenforcing teamwork,not individual efforts


Reward plans aligned to the Mission and Vision of the company


No universal reward plan



WHAT IS AN APPROPRIATE MODEL?

• Recognition Plans
  
  
• Investment in human capital
  
  
• Reflects culture of the organisation
  
  
• Distinction between Recognition and Incentive.
  
  
• Require attention and refreshing to keep it meaningful.

Recognition Plans

Celebrating organizational objectives


Reinforcing performance of teams


Reinforcing desired behaviors or activities.


Celebrating organizational objectives

• Picnics, pizza parties, lunches, information trading sessions.
  
  
• Inexpensive, fun, positive cultural statement.
  
  
• Frequent, open, honest, involving.
  
  
• Focus and celebration not manipulation and hype.

Reinforcing performance of teams

• Spot awards – managements discretion
  
  
• Private or Public recognition
  
  
• Cash, Merchandise, special assignments.
  
  
• Time or event based awards.

Reinforcing desired behaviors or activities

• Social Recognition of completion of training course or special project.
  
  
• Plans should be Dynamic and Meaningful.

Project Team Incentives

• Project teams – cross-functional membership or subset of existing unit.
  
  
• Incentive- Pre announced goals
  
  
• Do this- get that

Project Milestones

• Hit a milestone, on time,budget.
  
  
• Inherent problems –
  
  
• Milestones often change.
  
  
• Project Completion
  
  
  
• Earn a defined amount on completion

Value Added

• Incentive on value added by the project.
  
  
• E.g. reduced turnaround time, cycle time, cost savings, incremental profits,etc.
• Tend to be exclusionary.
  
  
• Pre announced reward schedule – Do this Get that is the best as incentive plans.

• Organization unit incentive plans.
  
• Covers a defined population.
  
  
• Inclusion of every member of the defined unit.
  
  
• Pre-announced rewards.
  
  
• Linking of performance measures with business objective.
  
  
• Combination of performance measures.

• Reasons Why It Works-
  
• Encourage teamwork.
  
  
• Engages all employee base.
  
  
• Pays out only when improvement occurs.
  
  
• Based on results, not activities.
  
  
• Communicates and engages employees for accomplishment of critical objectives.
  
  
• Dynamic in nature.

Some Advantages.

• Help create accountability.
  
  
• Help to communicate “Long-line-of-sight” plans.
  
  
• Companies can manipulate their pay-packages to look more attractive to the employees.

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