Designing a Performance based Rewards System

Designing a Performance based Rewards System

OBJECTIVES

• Determine the right kind of performance based rewards system for their organization, including identifying and assessing the merits of the various rewards options.
• Design the system including all related documentation.
• Coordinate the implementation of the agreed performance based rewards system and manage its ongoing operations

WHO SHOULD ATTEND?

Human Resources executives and senior compensation professionals who are embarking on the design of a performance based rewards system and seek insight and information on why such systems fail and what makes them work.

COURSE OUTLINE

Introduction

• Money, Motivation and Mistakes
• Aligning Rewards and Results – Traditional Approaches
• Defining a Pay for Performance Strategy

Choosing the Right System for Your Organization

• Examining Your Current Systems
• One or More Systems – Options?
• Best Practices – Utilizing Them if They Work for You?

Types of Rewards Options

• Monetary
• Non-Monetary

System Design

• Participation
• Measures
• Paying for Competencies
• Recognizing and Rewarding Organization, Team and Individual Performance
• Establishing Rewards – The Performance and Payment Matrices
• Design Checklists
• Communications

Process

• Linking Objectives and Measures to the Organization’s Goals
• Performance – Assessment, Feedback and Counseling
• Forms and Current IT Solutions
• Preparing for Implementation
• Ongoing Management of the PBR System