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Michael Armstrong
Total reward includes all types of reward non-financial as well as financial, indirect as well as direct, intrinsic as well as intrinsic. It is a value proposition which embraces everything that people value in the employment relationship and is developed and implemented as an integrated and coherent whole.
Centrica Mix extrinsic and intrinsic rewards to encourage employees discretionary effort. Nationwide A mixture of pay elements, with a defined cash value, benefits which have an intrinsic value, a positive and enjoyable work environment, and opportunities for learning and development; all designed to make Nationwide an employer of choice.
Unilever Total reward encompasses all the elements of what it means to come to work.
Creating a fun, challenging, and empowered work environment in which individuals are able to use their abilities to do meaningful jobs for which they are shown appreciation is likely to be a more certain way to enhance motivation and performance even though creating such an environment may be more difficult and take more time than simply turning the reward lever.
Holistic - focuses on how organisations attract, retain and motivate employees to contribute to success using an array of financial and nonfinancial rewards. Best fit tailored to the organisations culture and work processes. Integrative the reward system is integrated with HR policies and practices. Strategic aligns reward and business strategies. People centred - focuses on employee needs and wants. Customised provides a flexible mix of reward that offers choice. Distinctive - uses rewards to create a distinctive employer brand. Evolutionary long-term, incremental approach
quality of work
tangible rewards
work/life balance
engaged performance
future growth/opportunity inspiration/values
enabling environment
total rewards strategy compensation benefits work/life performance and recognition development and career opportunities
business strategy
effective delivery through focused communication, greater flexibility and use of technology
PAY/REWARD
base pay contribution pay shares/profit sharing recognition LEARNING AND DEVELOPMENT workplace learning training performance management pensions health care perks
BENEFITS
core values
leadership employee voice job/work design
career development
RELATIONAL (INTANGIBLE)
base pay transactional rewards contingent pay employee benefits total reward learning and development relational rewards the work experience recognition, achievement, growth non-financial rewards total remuneration
Development
Our strategic objective for rewards : To attract, retain and motivate people to perform to the highest standards possible Those who excel by living the values and contributing the most will benefit the most
Reward Environment
Leadership behaviours
Quality of work
reward
performance
pay benefits
development
career framework
communicate
develop approach
(involve)
implement progressively
(encourage/guide)
prioritise design
How do we convert rhetoric into reality? Should we distinguish between total reward and total remuneration? How are we going to persuade people that total reward is a good thing?
email@ michael-armstrong.eu