reward management-v1-shiraz ahmed
Post on 17-Oct-2014
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my session on reward managment for students of business schoolsTRANSCRIPT
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Reward Management
Shiraz Ahmed | Faculty | Facilitator | Coach
CBM | Institute of Business Management | Karachi
BBA class | Human Resource Management
Spring Semester 2014
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Session Outcomes
1. Understand why people work
2. Analyze current trend in RM
3. Future of RM
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1. Why People work
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1.1 What you and your text book says!
Salary
Perks, benefits, incentives
Recognition
Achievement
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1.2 Why Rewards and Salaries
Motivate employees
Retain talent
Attract talent
What else?
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1.3 Surprising science of Motivation
Dan Pink clip
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1.4 What makes us feel good about our work
Dan Ariley clip
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1.5 Democratic Enterprise, Linda Gratton
Purpose
Autonomy
Mastery
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1.6 Three M by Rosabeth Moss
Mastery
Membership
Meaning
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So, What’s your view now!
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2. Current Trends in RM
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Dedicated Manager Compensation who make
strategies to retain talent!
Salary survey (millions of rupees)
Complex calculation
Fixed & variable pay
Bonuses, incentives, perks and many more….
Policies (vacations, increment and etc.)
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3. Future of RM
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3.1 How Netflix retain talent!
Freedom & responsibility culture
Pay top of Market
3-test for top of market for a person
No fixed budget
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3.2 Design rewards according to needs of
Generations
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Question Generation Y
(1980-2003)
Generation X
(1964-1980)
Baby Boomers
(1947-1964)
What they
want from a
job?
Fun, challenging, interesting,
money important but not so
important
Money, rise, promotion, posh office,
window with a view, want ‘your’ job,
respect
Superannuation,
pension, no
change
What they
want from
the boss?
Don’t believe the boss
concept, won’t follow a
manager who just talks;
want a mentor; want
immediate feedback
Stop trying and making promises
that can’t be delivered, want truth
Go away – don’t
micro-manage me,
just tell me what
you want
If the job
doesn’t
deliver?
Leaves immediately, can’t be
bought, money doesn’t buy
passion or engagement
Negotiate with you. I need you to
… focus on work-life balance. If
don’t deliver will stay but will start
looking elsewhere
Hang in – will retire
on the job
Generations and their motivations
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Millennial and Gen ‘Y’
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Trust them by giving power to
decide
Innovative
Enable and coach instead of
directing and deciding
Unleash their abilities, then step
aside!