Aligning Rewards & Recognition Programme with Organisation Strategy
5 likes3,213 views
This document discusses aligning rewards and recognition programs with organizational strategy. It provides evidence that effective recognition programs can boost employee performance by up to 44% and double shareholder return. Recognition was cited as the top reason companies have such programs, to create a positive work environment. Different generations also have varying motivations and expectations from rewards programs. The document advocates for instant recognition, participation at all levels, emotional connection to work, and shareholder value as key design principles for successful programs.
Aligning Rewards & Recognition Programme with Organisation Strategy
- 1. Aligning Rewards & Recognition with Organisation Strategy
- 3. *Question 1:
- 4. *
- 5. *Question 2:
- 6. * • National Recognition Survey • Companies hope to achieve a number of results through their recognition programs, but creating a positive work environment was the top reason cited in this survey (80%). World at Work
- 7. *
- 8. * A 2005 Watson Wyatt Worldwide study has found that companies with an effective recognition program realized a median return to shareholders that is nearly double that of companies without such programs
- 9. * A study conducted by the Society for Incentive and Travel Executives has found that properly constructed rewards and incentive programs can boost employee performance by up to 44%
- 10. * Another study has estimated that employees who are extremely negative or actively disengaged cost the U.S. economy between $250 and $300 billion every year. Rath and Clifton have found that 9 out of 10 people report being more productive when they are around positive people, who are more inclined to appreciate and recognize.
- 11. * • It positively reinforce and sustain desirable actions and behaviours among employees • It helps to retain best talent that the organization requires for its growth and continued success • It helps the organizationto attract best talent from the talent market
- 12. * Generations Year Baby Boomers 1946-1964 Gen Xers 1965-1976 Gen Yers 1977-1994
- 13. * Baby Boomers Work Centric Hardworking Motivation by position and prestige Relish long-work hours and week & define themselves by professional accomplishments Sacrificed a great deal for their careers Confident, independent and self-reliant Goal oriented Competitivesince they equate work & position with self-worth
- 14. * GenX GenY Only 11% have lifetime careers Have a sense of entitlement Want responsibility, opportunity, and professional development and will move on if not provided Don’t want to climb the ladder and pay their dues Change careersmore often than previous generations Are the best educatedgeneration ever Self-managed and aggressive in creating own career path—constantly gaining many new skills and experiencesto add value to themselves Value institutionalized learning, i.e., professional certifications, credentials, degrees Have experienced limited mobility and career advancement due to Boomers’ prominence in the workplace May explore many careerpaths before settling down; shifting from one profession to the other Approacha careerlattice, moving laterally rather than climbing up the ladder Want meaningful roles and meaningful work that helps others Growing percentagebecoming entrepreneurs Want to learn, succeed, and earn money to fuel high level of consumption habits Seek opportunities to become independent value adders—reinventing themselves and their roles in the organisation Want to succeed immediately and if they don’t see quick rewards or will change jobs Many see themselves as independent contractors–don’t expectto remain loyal to one company
- 15. * • Instant Gratification • Participation at all levels • Emotional Connect • Shareholder value
- 16. *
- 17. * Revenue achievement of the organisation has improved over the last 5 years by 40%. Year TotalStars Receivedby Employees AverageHC 2009-10 244* 354 2010-11 800 370 2011-12 804 391 2012-13 1083 390 2013-2014 1090 390 Objective: Instant recognition to employees who have been able to achieve their target for that month or gone out of their way to meet the department goals. Star of the Month
- 18. * Criteria Weightage MeasureOf Achievement Eligibility Station Rankingin IRS 60% Rank 1 120% Rank 2 75% Recall in internalstudy 40% Increase in Recall 100% Same Recall 50% Decrease in Recall 0% Programming nos. and station ranking has improved significantly over the last 4 years and RC has maintained leadership position of No. 1 in key market as per RAM and IRS report. Jan Feb Mar Apr VPP May Part 1 Jun Jul Aug Part 2 Sep Oct Nov Part 3 Dec * There will be no pay-out if Ranking drops by more than one place Payment Calendar 25% 25% 50% Q4Q1Q2Q3
- 19. *
- 20. * Objective: To encourage interdependencies and collaboration between function to provide excellent customer service to client
- 21. * Objective: To encourage and drive the teams to work towards organisation goal of Revenue at maximum ER and property selling and highest recall of Radio City Brand
- 22. * Individual Awards • Sher of the Month • Star of the month • Superstar Awards • CEO Award • Rainmaker Award • City ka Sitara - Annual Awards • Jaldi 5 • Lunch with the CEO • Kick Start Wednesday • Stories of Excellence • Cheers to Peers • Hi Fivers • Achiever's Award Team Awards • Most Engaged Station of the year • City ka Sitara Best Station • Ring Aloud • Mentor Mentee • CFT Achiever's Project • Partner's in Pride
- 23. *
- 24. *
- 25. *
- 26. * Statementfrom GPTWsurvey 2010-11 2011-12 2012-13 2013-14 I feel I make a difference here. 80 85 88 88 My work has special meaning: this is not 'just a job'. 79 85 87 87 When one joins the organization, they are made to feel comfortable& part of this family. This is a friendly, fun & safe place to work. Management genuinely seeks and responds to suggestions and ideas. Everybody, even consultants are treatedequally. Hard & sincere work is given special recognition.
- 27. * A 2008 Salary.com Employee Satisfaction & Retention Survey found that17 percent of employees leave a job due to insufficient recognition.
- 28. * Hygiene Factors Progression Reward Participation Recognition FREQUENCY OF DELIVERY SUPERVISOR’SDEGREEOFCONTROL Figure: The P-R-R-P Factorsof Motivation Moneyis not a motivator.However,its inadequacyis definitelya de-motivator. Employee Turnover doesnot happen for money.Turnover happens due to a shortfall in the P-R-R-Pfactors. However,when people go, theygo to the highestavailable bidder.
- 29. *