The Total Reward Report

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The Total Reward Report
Description: Total reward practice - your definitive guide -Learn why world-class companies are pioneering total reward practices -Find out how to juggle cost/benefits to maximise your total reward ROI -Gain insights into effective planning and implementation techniques -Discover the power of aligning reward to strategic goals -Use total reward to increase workforce engagement -Apply best-practice lessons to deliver high-impact reward The Total Reward Report tells you all you need to know about implementing policies and practices that deliver hard business benefits. Use the tips and action points to shape a total reward strategy that helps you to: -Win the battle for the best people -Engage staff to maximise their contribution -Build a reputation as a world-class employer of choice. This comprehensive new report will help you to develop the business case and the best strategy for your organisation. It will also help you solve the trickier questions associated with reward practices, including bonus schemes and when to use them. The need for implementation know how Developing a strategy is only part of the task. Implementation is the area where companies often come unstuck. The Report explores the practicalities of putting total reward into practice – from gaining line management and staff buy-in to delivering consistent and effective benefit services. -Go inside leading companies - ranging from AstraZeneca to RBS, from Google and HCA Health One - to understand their unique approach to total reward. -Eavesdrop on some of the most influential consultants and academics. Find out what Ed Lawler, Centre for Effective Organizations Helen Murlis of Hay Group, David Nalbantian and Clive Wright of Mercer can help you avoid common mistakes and make better reward decisions. -Cherry pick ideas from leading experts and practitioners to build a competition-beating total reward programme. The Total Reward Report puts you at the forefront of pioneering developments and corporate experience so you can benefit from this exclusive body of knowledge.


Author Profile Acknowledgments Business Intelligence Preface Chapter 1: The New Context of Reward What you will learn from this chapter Introduction 1999: a benchmark year The Ten Drivers of New Reward approaches and Practices Reward Issues and Challenges: Research Findings World at Work studies

Strategic Reward Shortcomings Further Issues Reward Issues and Challenges Corporate and reward team agendas Employees and employment The Challenges of Implementing Total Reward Performance, Reward and Culture Overview: Why Rethink Reward Strategy? Potential advantages Consequences of inaction Take the Self-Assessment Test References Chapter 2: Engagement, Value Creation and the Human Dimension of Reward What you will learn from this chapter Introduction: People Make the Difference Interpretations and Connections How Companies Use Reward to Improve Performance The Business Case and Potential Pay-offs Levels of engagement What human capital management can deliver Implications for Practitioners Human Capital and Reward Optimizing value through reward Valuing human capital How companies make the connection between reward and human capital Case Report: Royal Bank of Scotland Case Report: Federal Express Building Engagement into Reward Connecting Engagement with Reward How companies implement engagement policies Case Report: St Luke’s Communications Case Report: Google The Value Proposition and Brand Proposition and brand: simple questions What employees Want: Expert Views How companies build and deploy their corporate value propositions Case Report: Starbucks Case Report: Richer Sounds Overview: Rethinking the Human Dimension of Reward The Key Challenges Summarized Take the Reward Human Dimension Self-Assessment Test References Chapter 3: Developing Total Reward Strategy What you will learn in this chapter Introduction: The Scope of Total Reward The Difficulties Posed by Total Reward Reward Philosophy and Design The need for reward philosophy The link between reward and best-employer rating Influences on reward philosophies and design The Importance of the Corporate Context for Reward How Companies are Tackling Reward Philosophy Case Report: The Hartford Group Case Report: Babcock and Wilcox Reward and Business Strategy The essentials of well-designed reward strategies The Issue of Effectiveness How Companies and Experts Interpret Reward Strategy Case Report: Office of Personnel Management

Two Reward Strategy Models The Star Model Reward Strategy Roadmap Approaches to Total Reward What total reward entails Establishing the business case: the crucial first step How Companies and Consultancies Approach Total Reward Case Report: Borders Group Institute and Consultancy Interpretations of Total Reward Overview Potential advantages Possible difficulties Take the Reward Strategy Self-Assessment Test References Chapter 4: The Shift to Total remuneration What you will learn from this chapter Introduction: Rethinking the Financial Deal What’s New and What’s Emerging? The Potential Impact of Total Remuneration on Recruitment and Retention Remuneration, Cost and Competitiveness Cost containment and shifts in remuneration The emphasis on long-term, sustainable performance Strategic Remuneration Opportunities How Companies are Tackling Cost Issues Case Report: Nationwide Building Society Case Report: Aflac Inc Case Report: Lincoln Electric Challenges in Total Remuneration Effectiveness Pricing and ROI issues Companies look to cover the cost of reward charges Creating an Edge in Remuneration Strategy Optimizing Total Remuneration Investments Investment levels Related costs Competitiveness Criteria for Regular Effectiveness Reviews How Companies are Tackling Total Remuneration Case Report: Cisco Systems Case Report: Aflac Inc Emerging Priorities in Pay, Bonus and Benefits Sifting out what matters most Priorities for base and variable pay Defining criteria for differential rewards Priorities for bonus use: the experts’ views Priorities for benefits: the experts’ views How Companies Tackle Pay, Bonus and Benefit Priorities Case Report: Huntington Hospital Case Report: Suncorp Overview: Total Remuneration Reviews Strategic tune-up for pay Total remuneration review Take the Total Remuneration Self-Assessment Test References Chapter 5: Building a Performance-Reward Culture What you will learn in this chapter Introduction: The Changing Context of Performance Your total reward and performance management checklist Expert Views on the Performance-Reward Focus Tapping into the Discretionary Effort Factor

Satisfaction, motivation and reward expectations Examples of Performance Cultures Enabling High Performance across the Enterprise What high performance organizations do well Getting the Best from High Performers – and Others The flow theory of engagement How Companies are Paying for and Recognizing Performance Case Report: Payless ShoeSource Case Report: Graniterock Improving and Aligning Performance Management with the Business What performance management is all about What good management performance looks like How Companies are Tackling Performance Management Issues Case Report: Office of Personnel Management (OPM) Case Report: Daimler Chrysler Performance Levers and Reinforcers – The Scope for Innovation Extending the performance toolkit The lever of motivation Using recognition to raise performance How companies use non-cash levers of performance Case Report: Southwest Airlines Case Report: PRC Overview Take the Performance-Reward Culture Self-Assessment Test References Chapter 6: The Work Environment and Participation What you will learn in this chapter Introduction: The Emerging Psycho-social Work Environment Best Company Award Schemes Great companies and best workplaces Case Report: Colgate Palmolive Hellas Changing Work Practices Trends in work-life balance and flexible working Trends and Issues in Health and Wellness Emerging cost and complexity issues How Companies Tackle Work Practice Issues Case Report: Melaleuca Case Report: Google The Rise of Participative Cultures How to build participation into the enterprise The Management of Total Reward in the Workplace Manager effectiveness checklists How Companies are Building Workplace Participation Case Report: Starbucks Case Report: Cendant Car Rental Financial Participation and Education Ownership and profit sharing Education for wealth creation How Companies are Approaching Financial Participation Case Report: Hypertherm Case Report: Resources for Human Development (RHD) Overview Take the Work Environment and Participation Self-Assessment Test References Chapter 7: The Situational Context of Reward What you will learn in this chapter Introduction: Corporate Situations that Affect Reward Effects of Globalization on Reward Factors and challenges in global reward

Off-shoring and compensation models Factoring in Cultural Issues Impacts of Mergers and Acquisitions on Reward Case Report: Verizon Reward Responses to Competitive Drivers The basics of productivity and skills The need to flex total reward to local conditions Case Report: Corning Inc Reward and the Customer Interface Reward as a Lever of Sales Force Effectiveness Innovation and Reward The case for and against rewarding innovation Case Report: Whirlpool Overview Take the Situational Context Self-Assessment test References Chapter 8: Issues and Practices in Executive Compensation What you will learn in this chapter Introduction: Pressures Shaping Changes in Executive Reward Pressures for Change and Transparency Influences on executive pay Setting differential ratios for executive and staff pay Focus on executive and organization performance Cash-based performance targets The use of strategic performance measurement systems Governance-related issues and practices Board Roles in Executive Reward Developments causing role change at board level Chairman and non-executive director roles: issues and practices New Purpose and Work of Remuneration Committees Insights into compensation committee practice The Use of Consultants Overview Take the Executive Reward Self-Assessment Test References Chapter 9: Roles in Reward Strategy and Implementation What you will learn in this chapter Introduction: How Reward Roles are Changing Reward Leader and Team Roles What reward leadership needs Moving beyond compensation and benefits The role of HR Challenges for the Head of Reward Reward Leader Capabilities in Case Study Organizations Reward Team Roles and Work How Case Organizations Define Roles and Responsibilities Reward team structure Reward team roles Reward team success measures Reward team attributes Case Report: Cendant – Self-service Tool for Managers Relationships that Drive Reward Working with senior managers HR, reward and line collaboration Helping managers deliver rewards Case Report: BT Overview Reward function staffing and pay level concerns Take the Reward Function Self-Assessment Test

References Chapter 10: The Future of Reward – An Overview What you will learn in this chapter The Future is Here – Now Has reward change happened? Future Trends Impacting on Reward Business drivers and reward roles What change means for the reward function The opportunities for reward transformation – and the barriers Future Agendas of Case Study Organizations AstraZeneca’s education and communication agenda Husky: formalizing recognition Royal Bank of Scotland’s six-point programme How We See the Future of Reward Main Chapter Themes Summarized Trends Affecting Reward over the Next Three Years Take the Futures Self-Assessment Test References Case Studies AstraZeneca in the UK BT HCA-HealthONE LLC Nationwide Building Society The Royal Bank of Scotland Exhibits Exhibit 3.1: One framework used by the OPM. Exhibit 3.2: The Star Model: Lawler’s Notion of Fit Exhibit 3.3: How leading consultancies define Total Reward. BT Exhibit CS1: Seven key stages in the total reward transformation programme. HCA- HealthONE LLC Exhibit CS2: Total reward tools Exhibit CS3: Total reward sample statement Nationwide Building Society Exhibit CS4: The Committed and Engaged Person framework


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