What’s new in Reward.. Sally Knill September 2012.
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Transcript of What’s new in Reward.. Sally Knill September 2012.
What’s new in Reward..What’s new in Reward..
Sally KnillSally KnillSeptember 2012September 2012
AgendaAgenda
IntroductionIntroduction What is reward?What is reward? What’s old in reward…What’s old in reward… What’s new in reward…What’s new in reward… What’s (kind of) not new…What’s (kind of) not new… Strategic vs TacticalStrategic vs Tactical What is reward not…What is reward not…
Ask as we go alongAsk as we go along
IntroductionIntroduction
Mixture of industriesMixture of industries Retail, banking, IT, FMCGRetail, banking, IT, FMCG
20 years of reward20 years of reward With some generalist tooWith some generalist too
UK, Europe, Asia, AmericaUK, Europe, Asia, America Mature and emerging marketsMature and emerging markets Dot com boom and Y2K…Dot com boom and Y2K…
What is reward…What is reward…
Principles are the same regardless Principles are the same regardless of mature or maturing marketsof mature or maturing markets
What employees talk about at the What employees talk about at the coffee machinescoffee machines
Salary, Allowances, Pensions, Salary, Allowances, Pensions, Medical, other benefitsMedical, other benefits
Anything else that no-one else Anything else that no-one else wants!wants! International mobility, job evaluation, International mobility, job evaluation,
share plans, sales incentives etc….share plans, sales incentives etc….
What’s new in reward…What’s new in reward…
Tax changesTax changes 50%/45% implemented50%/45% implemented Salary sacrificesSalary sacrifices
Auto-enrolmentAuto-enrolment Massive commercial impact for Massive commercial impact for
businesses toobusinesses too Executive remunerationExecutive remuneration
TransparencyTransparency
What’s (kind of) not new…What’s (kind of) not new…
Limited salary budgets and the Limited salary budgets and the impact on employee impact on employee engagementengagement Strong link needed with Strong link needed with
CommunicationsCommunications Senior management leadershipSenior management leadership
Link to performance Link to performance managementmanagement Force distribution or not???Force distribution or not???
Strategic versus TacticalStrategic versus Tactical
Reward strategy must align to Reward strategy must align to the commercial / business the commercial / business objectivesobjectives No point having a sales plan that No point having a sales plan that
targets the wrong productstargets the wrong products Must support high performanceMust support high performance
The tactical stuff has to happen The tactical stuff has to happen without fuss and effortwithout fuss and effort
Difficult balance…Difficult balance…
What is reward not…What is reward not…
Nothing but spreadsheetsNothing but spreadsheets An exact scienceAn exact science
Although line management think Although line management think that there must be formulae to that there must be formulae to work out salaries etc.work out salaries etc.
Magic bulletsMagic bullets Pay is often not the main issuePay is often not the main issue
But it’s fun!!But it’s fun!!
Any questions?Any questions?
Thank you for your timeThank you for your time