As we move towards the end of the year many organisations are in the process of planning their Reward and Recognition (R&R) budgets for next year though this can be a challenging thing to do. In this slideshare presentation (and accompanying webinar), find out how to build a business case, set your budget, manage budgets within a platform, and learn what to do when you run out of budget - plus a lot more! Watch the webinar here: http://bit.ly/2kb1Q1f
3. What we hope to cover:
Outputs from this presentation:
How to set your budget
Managing budgets within the platform
What happens when you run out?
Management Information and building a
Business Case
Going global?
5. What is recognition?
Recognition is
the activity we
engage in to
acknowledge
exceptional
performance
and to
encourage
specific
values
or
behaviours.
“
8. Look externally
1-2% of payroll is spent on recognition
But is this helpful?
Industry
average:
9. Work backwards
from your broader
objectives
What % impact do you want?
What mix of financial / non-financial?
What average award value?
What budget is actually available?
▪ Impact on other budgets?
▪ Sign off
▪ Strength of your business case
Better still: look internally
14. Non-financial awards
Points or cash-value
• Cash via payroll
• Scratch cards
• Specific products
• Supplementary gifts (flowers, wine, chocolates…)
Work-related awards
• ‘Go Home Early’ or ‘Long Lunch’ voucher
• Parking space for a month
• Coffee for a week
• Jump the canteen queue
Other?
Prepaid MasterCard or Visa cards (physical or virtual)
Your own products
Meaningful rewards
Learning & Development
• Language courses
Health & Wellbeing
• Physical trainer
Home Services
• Cleaner for a month
• Chef for a night
21. • Long Service
• Wellbeing initiatives
• Team events
• Project completions
• Training completions
• Sales performance
• Customer Service performance
• Staff idea/suggestion
• Client introduction
• Referral programmes
• New starter welcome gift
• Learning & Development
• Leaver goodbye gift
• Completion of training or surveys
• Fun Christmas Party awards
Multiple award schemes
But portal can scale over
time to support any
number of different award
schemes. Examples
include:
Core schemes:
Individual and Team Thank-Yous
Individual and Team financial awards
Employee of the Month/Quarter/Year
25. 64
%
42
%
58
%
88
%
34
%
8 OUT
OF
10
would rather make $40,000 a year from a job
they love rather than $100,000 a year at a job
they think is boring (Intelligence Group)
think they need to be better recognised for their
work (MTV)
want feedback every week from their manager/
employer (more than twice the percentage of
every other generation) (Ultimate Software)
expect employers to provide them with learning
and development opportunities relevant to their
job (EdAssist)
want their co-workers to be their friends
(MTV)
would quit a job on the spot if their employer
asked them to delete their Facebook page
(Ultimate Software)
This data serves to reinforce some of the
stereotypes (both negative and positive) that
exist around millennial workers, namely to
do with their supposedly high expectations,
the impact these have had on attitudes
towards work-life balance and ethical
fulfillment through work.
Millennials
26. And an aging workforce
By 2022, nearly a third of the workforce will be in their
50s, 60s and 70s.
Use of different award schemes, media, and reward choices for different age groups and working
practices:
For some:
- Inventive, fun, instant, mobile
- Celebrating via chat and social media
- Awards - ticking off items on the ‘Bucket-list’
For others
- Meaningful awards
- Family time
- Life-work balance
- Flexible hours as rewards
28. Who’s pulling the purse strings?
Who owns the budget?
• Central
• Departmental
• Individual
Will tie in with approval process
• Post-approvals
• Pre-approvals
Influenced by MI-report options
• Can you easily export Budget Owner names
29. • Block or notify?
• Re-allocate or switch to ‘Buffer Budget’?
• Quarterly or annual budgets?
• Abuse rules to assist approver
What happens when you run out?
32. How helpful is the data?
Usage data:
▪ low is bad
▪ But what does high mean?
So, usage data in line with original business objectives
▪ Embed a culture of recognition
▪ Increase retention (reduce associated recruitment costs)
▪ Lower HR and Manager resource burden
▪ Increase engagement (surveys with specific R&R Qs)
33. How helpful is the data?
Also other HR priorities:
- Core value promotion
- Talent Management
- Performance Management
- Age/Demographics Strategy
- Flexible hours policy
- Learning & Development
- Health & Wellbeing
Can also shape other budgets
- Bonus strategy
- Flexible and voluntary benefits (Total Rewards strategy)
36. - Currencies
- Award value equivalence
- Cross-country nominations
Going global?
37. Outputs from this webinar
How to set your budget
Managing budgets within the platform
What happens when you run out?
Management Information and building a
Business Case
Going global?