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Reward Management

Discuss Reward Management within the Security management and portfolio management forums, part of the Upload / Download Banking and Insurance Projects and Notes category; REWARD MANAGEMENT Reward management system reenforcing teamwork,not individual efforts Reward plans aligned to the Mission and Vision of the company ...

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Reward Management
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Abhijeet S
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abhishreshthaa
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Reward Management - September 4th, 2010

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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Re: Reward Management
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Jiten Mazee
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Re: Reward Management - December 26th, 2015

Quote:
Originally Posted by abhishreshthaa View Post
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.
Wow abhishreshthaa, you have done a very good job here. Your post is very nice which contains important contents regarding reward management. I am also uploading a document which will also give you important information on reward management. I think reward management is concerning the design, execution, maintenance, communication and advancement of reward processes in order to enhance efficiency and achieve the goals of a company.
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