Rewarding performance, growth & transformation31 mar-15
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Rewarding performance, growth & transformation31 mar-15
- 1. ghazali.mdnoor@gmail.com8-Jun-15 REWARDING PERFORMANCE, GROWTH & TRANSFORMATION Investment that most organisations know the least One size does not fit all Modeling allows you to forecast impact
- 2. 2 36% of revenue As a result, even modest gains in the efficacy of HR management can deliver sizeable gains to the bottom line.
- 3. 69%of employees would work harder if they were better recognized. The impact of employee engagement on company performance 3 “Employee recognition is the number one factor when motivating employees in the workplace.” No.1
- 4. 4 Stop copying Look inside 82% of employees find it annoying when they are not recognized for the accomplishments they contribute to the team and company.
- 5. 49% of employees would leave their job for a company that recognizes its employees. Insist on systems thinking 5
- 6. 11 72 125 190 312 116 Hires 17 49 123 184 227 86 Exits Promotions 7 517 6 640 4 963 Level 8 168 5 830 Career level 3 383 Lateral moves 234 45 341 186 81 38 16 81 85 134 129 An organisation’s current workforce is the result of 3 “labour flows” 6 The power lies in understanding the specific practices, tactics, policies, etc., that are the source of those talent flows
- 7. Did you know employees want some form of recognition every 7days? 7 High performance ratings Unit revenue growth Amount of training Highly-rated manager Recent promotion Occupation Number of jobs held within firm Tenure Unit size Manager’s span of control EducationTechnical expertise Outside experience Paygrowth High Low Promotion likelihoodLower Higher
- 8. This same type of analysis forms the basis for workforce forecasting . . . 8 losses gains 2013 2014Level 1 2 3 4 5 6 7 8 9 10 563 975 1,659 1,171 1,876 2,601 2,774 801 686 312 477 658 945 1,420 1,541 2,369 3,273 944 1,935 1,491 Yet only 12% of employees say they often receive appreciation for great work.
- 9. . . . and analyzing the equity of rewards – and the resulting impact on workforce initiatives such as diversity 9 The workforce is changing. By 2020, 1/2 our workforce will be millennials. 10 9 8 6 5 4 7 51% 49% 43% 57% 33% 67% 0% 100% 66% 34% 72% 55% 45% 12% 252 Level 49% 41% 48% 52% 0% 100% 34% 66% 54%46% 60% 40% 0% 9% 9518 4% 3% 273114 8% 9% 349306 5% 12% 331886 12% 14% 2211,788 16% 15% 2441,382 New Hires % of Total Female Male Average active employees Total Exits % of Total Promotions % of Available 28% 51% 59% In this company, women face a glass ceiling at level 6 Not surprisingly, turnover rates are significantly higher
- 10. 30% want opportunity to grow in the company 28% just want praise 24% want a reward (money or gift cards) 10% say no reward is needed (They now need you to tell them they’re doing a good job) 10
Notas del editor
- (After a lengthy or flattering introduction) After that introduction, I just can't wait to hear what I'm going to say. After such a warm, generous introduction, I can only say thank you and I think you must have gotten the wrong guy. (When addressing a small crowd or low attendance) This must be a wealthy crowd. Each of you bought two or three seats! I won't speak for long on account of my throat. (clears throat) At my last engagement I talked too long, and someone threatened to cut it. I'll try not to talk too long. They say its best to leave your audience before your audience leaves you. I hope my speech will keep you on the edge of your seats. Hopefully that will be because you're interested, not because you're trying to get up the nerve to leave. I don't have a solution, but I do admire the problem. Take my advice — I'm not using it. You have the capacity to learn from your mistakes, and you will learn a lot today. Ever stop to think, and forget to start again? Treat each day as your last; one day you will be right.
- Starting point: how big a chunk of the total pie is taken up by our human capital AND what return are we getting from that capital? As you can see here, avg HR expenditure for employee is on the rise. In fact, people costs represent nearly 60% of GDP in the United States. If organisations scrutinize return on other investments, why not do the same for their human capital?
- “The deepest human need is the need to be appreciated” William James, American philosopher and psychologist (1842 –1910) People will improve the things they’re recognized for so they can earn even more recognition.
- Leverage the data you’ve been collecting Measure the ROI on your various workforce practices Differentiate between high-yield tactics . . . and marginal investments Match human capital strategy to your business model
- Success in the New Work Environment requires Enterprise Contributors. And most employees are willing to perform collaboratively as Enterprise Contributors, meaning investing in incentives or other means of motivation is a wasted effort. So why do so few employees qualify as Enterprise Contributors? Three in four say the organisation needs to make it easier for them to meet this new performance expectation. Four paradoxes are at play: Co-workers are asked to help each other, but they also compete for raises and promotions. Employees need autonomy, but they also require direction in prioritizing their activities. While collaboration tools can improve quality, they can slow execution. Employees value contributing, but being rewarded for it actually reduces their motivation. Simplifying the workplace is not an option; complex work environments are a reality. The best companies don't simplify this environment, but enable employees to navigate it and perform as Enterprise Contributors. Doing so helps them realize 11% higher YoY profit growth and 5% higher YoY revenue growth.
- The flows can be segmented by business unit, job family, demographics, and . . .
- The number of employees for 2014 are the “expected numbers” given the current workforce and existing hiring, promotion, retention and transfer practices. Compensation is still important, but these days employees are looking for more.
- Incentives help engage employees and organisations. With higher than average engaged employees, companies saw 27% higher profits. Ideas to recognize employees without spending a penny! • Send a personal note that specifies exactly what the employee did • Say a sincere “thank you” • Recognize a job well done in a meeting or applaud • Send a shout-out around in your company’s private social site • Mention their success story in a speech or presentation or even newsletter • Give a long lunch or extra break or “free pass” day • Arrange for higher manager to stop by and say thanks • Offer to swap a task with them • Flex hours or let them work from home • Create a “Wall of Fame” or special award where you recognize them
- Always remember you're unique, just like everyone else. Confession is good for the soul, but bad for your career. Every organisation is perfectly designed to get the results they are getting. Seen it all, done it all, can't remember most of it. A clear conscience is usually the sign of a bad memory. My conscience is clean — I have never used it. To steal ideas from one person is plagiarism; to steal from many is research. When everything's coming your way, you're in the wrong lane and going the wrong way. If at first you don't succeed, redefine success. If at first you don't succeed, destroy all evidence that you tried. I hope you enjoyed my speech and if you did not, I hope you had a good nap.