hr: performance related pay (prp) - powerful rewards for your employees
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These are the slides to compliment the Performance Related Pay -Powerful Rewards for your Employees webinar presented by Joanne Vose It aims to give an understanding of the key points of an effective Performance Related Bonus Scheme from scheme design, to implementation and finally measurement. We will give you useful tips for points to consider to get the most from a scheme, ensuring it does what it should do in encouraging behavior to expand profits which then can be shared – it’s a win : win! The webinar will cover: Understanding what brings you profit Understanding bonuses as a motivator Your key measurements - keeping them simple & transparent Setting a profit pot and sharing fairly. To listen to the live recording please access the slides through our LinkedIn Webinar Group http://linkd.in/1acZPdh About Joanne Vose: Joanne Vose holds an MA in Human Resource Management and is a Member of the CIPD. Having over 16 years industry experience delivering both operational and strategic level HR solutions, Joanne has also a proven record of writing and delivering training solutions in people management, general management and soft skills, where her practical approach is valued by delegates. Joanne has also lectured on the MBA programme and regularly delivers workshops and short courses for membership bodies throughout Yorkshire. Joanne is passionate about people and truly believes that if you have the right people, with the right skills, who are managed, developed and motivated effectively, your organisation will be more successful. Please contact Joanne at [email protected] or call her on 07980 992 406TRANSCRIPT
Complimentary Webinar Slides:
HR – Performance Related Pay -
Powerful Reward for your
Employees
1st April 2014
Joanne Vose
© The Business Springboard Limited 2013
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About Your Presenter Joanne holds an MA in Human Resource Management, is a fully qualified Member of the Chartered Institute of Personnel & Development and is a qualified NLP Practitioner. With considerable experience in people management and training interventions, Joanne’s consultancy and training is valued by her clients for her practical and business orientated approach, providing a complete people management solution to support organisational goals.
Joanne delivers a number of modules for The Business Springboard, including The 4D Manager and the Leadership & Management Development Programme, both of which are recognised for progression to further education.
In addition, Joanne co-presents our HR – Law & Practice seminars, giving legal updates and practical advice on people management developments and issues.
w: www.thebusinessspringboard.co.uk t: 0113 2089922
Business Savvy, Training Know How
About Your Presenter Joanne holds an MA in Human Resource Management, is a fully qualified Member of the Chartered Institute of Personnel & Development and is a qualified NLP Practitioner. With considerable experience in people management and training interventions, Joanne’s consultancy and training is valued by her clients for her practical and business orientated approach, providing a complete people management solution to support organisational goals.
Joanne delivers a number of modules for The Business Springboard, including The 4D Manager and the Leadership & Management Development Programme, both of which are recognised for progression to further education.
In addition, Joanne co-presents our HR – Law & Practice seminars, giving legal updates and practical advice on people management developments and issues.
w: www.thebusinessspringboard.co.uk t: 0113 2089922
Business Savvy, Training Know How
Disclaimer & Copyright
These materials are designed solely for the use of participants on our courses. These materials shall not be copied or reproduced in any format whatsoever without the prior consent of The Business Springboard Limited.
The content of these materials does not constitute advice tailored to any participant’s specific needs and to the maximum extent permitted by applicable law, The Business Springboard or any of its employees or associates shall not be held liable for any direct, indirect or consequential loss or damage arising as a result of use of these materials.
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Welcome
Introduction
Understanding what brings you profit
Understanding bonuses as a motivator
Your key measurements - keeping them simple
& transparent
Setting a bonus pot and sharing fairly
Questions & Answers
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Introduction
Performance related pay and bonuses are a key
motivating tool to help reach organisational goals,
but not all people will be directly motivated by
them!
Critical that they are structured in a way that
encourages the behaviour you want
Can cover many types of financial reward –
company bonus, team bonus, individual reward,
commission, pay scales etc
All too often company’s loose sight of what
behaviour we are trying to achieve
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Question #1
Who has a Company Performance
Related Pay Scheme / Commission
Structure / Bonus Scheme etc?
Are you happy that it encourages the
right behaviour?
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Understanding what brings you profit
Sales?
Service
Operations
Stock
Unit Price
Product development?
Idea generation
Quality
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Understanding bonuses as a motivator
Not everyone will find targets & financial
reward a key motivator!
Know what your end result is &
understand your people
Sales, say ‘thank you’, share success etc
Hygiene factors (Hertzberg)
Other powerful motivational factors
Need to have a ‘platform’ for other things to
be effective
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Your key measurements - keeping
them simple & transparent
Do your work first!
Financials
What are your running / unit / salary costs?
Indirect causal factors
Service, quality etc
What profit do the major stakeholders
want / need to make?
What behaviours do you want to
encourage?
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Your key measurements - keeping
them simple & transparent # 2
How can the employee influence these
success factors?
Direct sales, repeat customers, brand
awareness, quality, service etc etc
Have a clear goal
Define clear objectives & targets
Clear & transparent reward structure
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Setting a profit pot and sharing fairly
For rewards to bring you enhanced
behaviour they must be fair
Need to watch out for discrimination
(age, sex, race, part time, etc, etc) -
equal pay
Don’t want to share too much!
For example – 3% of salary bill ‘bonus
pot’
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Key Pointers
What do you want to encourage?
Look for indirect causal factors
Have a minimum achievement level
Set your markers of excellent, good &
poor performance
Don’t over-complicate!
Think: staff, service, sales!
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Questions & Answers
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HR Law & Practice
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