Reward next practices
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1 Reward next practices A Study of Reward Leaders WorldatWork Conference - Philadelphia APRIL 29, 2013 insert client logo
2 Presenters Tom McMullen Hay Group Chicago insert client logo and Dr. Dow Scott Loyola University Chicago
3 About Hay Group Hay Group consults with 9,000 clients worldwide in a wide variety of areas, including: Organizational effectiveness Managerial and executive assessment Compensation and benefits Performance management Executive remuneration and corporate governance Employee and customer attitude research 85 Offices in 48 countries 2600 Employees worldwide 9000 International clients 3
4 About Dow Scott Dow Scott, Ph.D. is a Professor of Human Resources in the Quinlan School of Business Administration at Loyola University Chicago and President of Performance Development International; a management consulting firm. Dr. Scott s consultation and research has focused upon: Compensation and incentive pay Attendance improvement Team and HR development Recruiting and staffing systems HR program evaluation Performance Development International, LLC PDI is dedicated to helping our clients create a competitive advantage through people. We are committed to providing quality and personalized service. We support our clientele through: Customized evaluations and assessments of specific HR strategies, policies and programs. Development of state of the art customized HR programs and high performance organizations. Employee involvement at all levels, thereby fostering commitment and accountability for results. Linking HR programs to organizational performance. 4
5 01 Background
6 Issues with reward practices today Strategy and design Lack of robust reward strategies Little input from employees on reward strategy and design Extreme focus on benchmarking for many and little concern given to affordability of pay programs Reward components managed in isolation of each other Implementation Performance management processes often weak The value and intent of total rewards not understood by employees Line managers are not well engaged in reward implementation Little done in terms of reward ROI assessment 6
7 C-suite concerns The current global economic environment has created a new landscape in how executives are thinking about reward program management. Per a 2013 Conference Board Survey of CEO Challenges, human capital concerns rank #1. Dominant C-suite reward-related themes (*) are: Optimizing productivity and cost effectiveness Improving employee engagement Development and retention of key talent Improving performance management processes Aligning human capital and reward systems to business strategy (*) Note: via Hay Group research of various studies 7
8 Key research questions How has the economic collapse and recovery changed reward strategies and programs? How effective are current reward strategies, programs and process? How will reward strategies, programs and processes change over the next 2-3 years? 8
9 Rewards examined from four perspectives Characteristics of reward strategies Effectiveness of reward program design Implementation of reward programs Degree of reward program consistency 9
10 2013 Reward Next Practices Survey Invitations to complete the survey sent to a sample of WorldatWork members between Dec 2012 and Jan senior reward professionals completed the survey Data analyzed using frequency distributions, ANOVA, T-tests and Duncan tests Qualitative analysis used to analyze open-end responses Structured interviews were conducted with several senior reward leaders to obtain further insight into the data This study replicates a 2009 study 10
11 2013 participant demographics Ownership Organization Size Industries 11
12 Representative participants 12
13 02 Characteristics of reward strategies and programs
14 Is reward a cost or an investment? Our organization regularly measures the ROI on its reward investment 11% 48% 80% 60% 40% 20% 0% 20% 40% 60% 80% % current focus % greater focus in future Why do we care? If pay is a cost, the obvious goal is to minimize it If pay is an investment, the obvious goal is to optimize it 14
15 If reward is viewed as an investment Organizations focus on Aligning rewards with its business and human capital strategy Balancing employee and organization reward interests Reinforcing the link between rewards and performance Distilling down and sustaining key reward communications Leveraging senior leaders, managers and employees in reward implementation 15
16 Core reward strategy objectives Increased emphasis on motivational value of reward programs Is externally competitive 64% 53% Is internally fair 75% 41% Is motivational 39% 67% Rewards at a reasonable cost 74% 47% 80% 60% 40% 20% 0% 20% 40% 60% 80% % current focus % greater focus in future 16
17 Reward program consistency Increased focus on consistency across rewards Market pricing processes 74% 44% Job evaluation processes 47% 56% Base pay programs Short term variable pay programs Long-term variable pay programs 62% 34% 32% 42% 38% 61% 80% 60% 40% 20% 0% 20% 40% 60% 80% % current focus % greater focus in future 17
18 Key reward linkages Future focus on links between reward programs and individual performance Between reward programs and overall corporate performance 51% 53% Between reward programs and business unit/team performance 41% 49% Between reward programs and individual performance 45% 57% 80% 60% 40% 20% 0% 20% 40% 60% 80% % current focus % greater focus in future 18
19 Balanced performance Timeframes Achieving short term objectives 66% 40% Achieving long term objectives 25% 46% 80% 40% 0% 40% 80% % current focus % greater focus in future 19
20 Balanced performance Measure types Financial performance Customer satisfaction Human capital development A culture of innovation 66% 41% 21% 15% 39% 39% 39% 42% Employee engagement 32% 56% 80% 60% 40% 20% 0% 20% 40% 60% 80% % current focus % greater focus in future 20
21 Reward strategy trends FROM TO Externally competitive Motivational Inconsistent strategy and design Consistent strategy and design Short term performance orientation Longer term performance orientation Financial performance measures Balanced performance measures Cost orientation of reward ROI orientation of reward 21
22 03 Reward program design
23 Core compensation program effectiveness Across the board focus on increasing compensation effectiveness Base cash/wage programs 74% 44% Short term variable pay programs Long term variable pay programs Financial recognition programs 47% 34% 32% 42% 38% 56% Total Remuneration (i.e. mix of fixed, variable, and benefits) 62% 61% 80% 60% 40% 20% 0% 20% 40% 60% 80% % current focus % greater focus in future 23
24 Benefits program effectiveness Health and welfare program seen as highly effective Health and welfare benefits 72% 46% Defined benefit retirement plans 46% 14% Defined contribution retirement plans 59% 30% 80% 60% 40% 20% 0% 20% 40% 60% 80% % current focus % greater focus in future 24
25 Compensation process effectiveness Performance management primary focus in the future Market pricing processes 62% 50% Job leveling/grading processes 51% 53% Performance management processes 41% 69% 80% 60% 40% 20% 0% 20% 40% 60% 80% % current focus % greater focus in future 25
26 Non-financial reward program effectiveness Career development opportunities primary focus in the future Education & training programs 50% 54% Career/development opportunities 39% 63% Flexible work arrangements 50% 32% Nonfinancial recognition 38% 43% Work climate/culture 57% 48% Work-life balance 48% 38% Meaningful job design 37% 31% 80% 60% 40% 20% 0% 20% 40% 60% 80% % current focus % greater focus in future 26
27 Reward design trends FROM TO Base pay program management Variable pay program management Paying for jobs/work Focus on paying for value/contribution Flexible work arrangements Career development, culture, recognition Defined benefit plans Defined contribution plans Siloed reward element orientation Total remuneration / rewards orientation 27
28 Engagement and enablement are key to effectiveness Clear & promising direction Confidence in leaders Quality & customer focus Respect & recognition Development opportunities Pay & benefits Employee engagement Commitment Discretionary effort Productivity Financial performance Drivers EMPLOYEE EFFECTIVENESS Attraction and retention of talent Customer loyalty Performance management Authority & empowerment Resources Training Collaboration Work, structure, & process Employee enablement Optimized roles Supportive environment Innovation Enhanced corporate reputation 28
29 04 Reward program implementation
30 Differentiation in pay Pay differentiation not effective, with more emphasis in future Salary increases between top and average performers 21% 50% Incentive payouts between top and average performers 30% 44% 80% 60% 40% 20% 0% 20% 40% 60% 80% % current focus % greater focus in future 30
31 Differentiation in pay Difference in pay increases for TOP performers vs. average (all companies) But Most Admireds find a way (Companies w/ a 2X differential) 80% 68% 40% 0% We pay 1.5 times or less 32% We pay 2 times or more Source: Hay Group, Dow Scott, Ph.D., Loyola University Chicago, WorldatWork The A s (the top 20%) should be getting raises that are two-to-three times the size given to the B s. B s should get solid increases recognizing their contributions every year. C s (the bottom 10%) must get nothing Jack Welch, former Chairman & CEO, GE 31
32 Reward program communications Reward communications is a challenge and substantive future focus Employees appreciate reward program consists of total rewards 30% 64% Leaders regularly sustain reward and performance communications 21% 62% Employees are provided with individualized total reward statements 38% 45% 80% 60% 40% 20% 0% 20% 40% 60% 80% % current focus % greater focus in future 32
33 Role of line managers Future focus for managers to effectively communicate total rewards Managers effectively implement and communicate total rewards to employees 11% 61% Managers effectively manage overall payfor-performance relationship for employees 15% 57% 80% 60% 40% 20% 0% 20% 40% 60% 80% % current focus % greater focus in future 33
34 Summary: reward implementation trends FROM TO Reward program design Reward program implementation Consistent treatment in pay Performance-based differentiation HR-led implementation Line manager-led implementation Ad-hoc reward communications Sustained senior leader messaging 34
35 05 Impact on the reward professional
36 Key headlines from research Managing Cost Base Aligning total labor costs with revenues and profitability Multi-faceted cost reductions Eliminating low-perceived value programs Alignment Linkage with business and human capital strategy Appropriate consistency across organization Linkage with employee needs and wants Pay for Performance The right metrics and right behaviors Differentiated performance and rewards Balance in measure types and timeframes Total Rewards Focus on intangibles and role in engagement Leveraging total rewards value proposition Leveraging managers and technology in implementation 36
37 Macro trend More holistic management of reward programs that are better aligned with business strategy, talent management strategy and organization performance Guaranteed cash Intangible reward Annual variable Benefits Long term incentives 37
38 Impact on reward professionals Doing more with less As agenda becomes more strategic, reward professionals need to utilize limited resources to accomplish even more Communications Sustained communication of the entire reward package with reinforcement of key performance messages Coaching line managers More focus on coaching line managers on how to best communicate and implement rewards Differentiating rewards In coaching line managers, reward professionals need ensure top and poor performers rewards are appropriately differentiated Non-financial rewards Given it s renewed focus, reward professionals must be creative in the non-financial reward space and how these are leveraged 38
39 Suggests increasing focus in certain areas Business acumen Awareness of business issues and opportunities and how they impact organization performance, human capital and reward programs Consulting Achieving results via influence and persuasion vs. formal organization authority Total rewards Better understanding employee needs and optimizing reward mix and leveraging motivational value of the suite of intangible rewards HR Marketing Increased use of marketing techniques in creating, deploying and sustain reward and performance brand equity 39
40 Questions
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