book

The Reward Management Toolkit

by Michael Armstrong, Ann Chapman

January 2011

Intermediate to advanced

240 pages

5h 9m

English

Kogan Page

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Cover: The Reward Management Toolkit
The Reward Management Toolkit
Title Page
Table of Contents
List of figures
Introduction: the tools and how they are used
Overall structure of the toolsIndividual structure of toolsBasic considerations in using the toolsUsing the toolUse of the tools in consultative/involvement processesReferences
Tool 01 Reward reviews
IntroductionPurpose of the toolThe reward review processConducting the reviewConclusions, recommendations and action planning
Tool 02 Reward strategy
IntroductionPurpose of the toolContents of the tool
Tool 03 Total rewards
Introduction: the concept of total rewardsPurpose of the toolContents of the toolModels of total rewardsIntroducing total rewardsReferences
Tool 04 Reward risk management
IntroductionThe risk management processDeveloping a framework for managing riskRisk identificationRisk assessmentControlling riskRisk monitoring and reviewKey learningsReferences

Tool 05 Job evaluation
IntroductionTypes of job evaluationPurpose and contents of the toolStep 1: Analyse present job evaluation arrangementsStep 2: Decide approach to job evaluation in principleStep 3: Select and brief project teamStep 4: Develop communications strategyStep 5: Decide on features of new schemeStep 6: Prepare project programmeStep 7: Develop basic factor planStep 8: Select and analyse test jobsStep 9: Test basic factor planStep 10: Amend basic factor plan as necessaryStep 11: Decide on weightingStep 12: Produce full factor planStep 13: Consider software supportStep 14: Apply scheme to benchmark jobsStep 15: Conduct market rate analysisStep 16: Design grade and pay structureStep 17: Develop analytical matching approachStep 18: ImplementReferences
Tool 06 Market analysis
IntroductionThe market analysis processStep 1: PreparationStep 2: Choosing jobs for external comparisonStep 3: Defining data collection criteriaStep 4: Matching jobs to the external marketStep 5: Analysing and interpreting dataStep 6: Presenting resultsReferences
Tool 07 Base pay management
IntroductionPurpose of the toolContents of the toolThe grade and pay structure design sequenceAnalysis of present arrangementsChoice of structureSelection and development of job evaluation schemeDefinition of guiding principlesDesign optionsGraded pay structure designBroad-banded structure designCareer family structure designJob family structure designAssimilation policyProtection policyImplementing new grade and pay structures
Tool 08 Contingent pay
IntroductionPurpose and contents of the toolThe design and development sequenceAnalysis of context and opinionsReadiness for contingent payDefine guiding principlesSet objectives for the schemeProject planningDesign schemeConduct pilot schemeImplement schemeEvaluate schemeReference
Tool 09 Bonus schemes
IntroductionPurpose of the toolSchemes definedDeveloping a bonus schemeStage 1: Agree directionStage 2: Design schemeStage 3: Introduce schemeStage 4: Manage schemeStage 5: Evaluate schemeReferences
Tool 10 Executive remuneration
IntroductionPurpose of the toolContents of the toolGuiding principlesRemuneration committeesTotal remuneration policyBase payBonus schemesLonger-term incentive plansClawback policyService contractsPensions and other benefitsReferences
Tool 11 International reward
IntroductionPurpose of the toolInternational reward strategy guiding principlesSurvey of reward programmesGap analysisConvergence/divergence policyRemuneration of expatriates
Tool 12 Employee benefits
IntroductionPurpose and contents of the toolConducting an employee benefits reviewDefining employee benefit objectivesReviewing employee benefits arrangementsDeveloping employee benefits packageIntroducing flexible benefitsCommunicating to employees
Tool 13 Pay reviews
IntroductionPurpose and contents of the toolPay review policyGeneral reviewsIndividual reviewsReferences
Tool 14 Evaluating reward
IntroductionPurpose and contents of the toolAimsFundamental questionsMethods of evaluationReward measurementReaching a conclusionReferences
Copyright page

Content preview from The Reward Management Toolkit

Tool 14Evaluating reward

Introduction

Reward evaluation is the process of assessing the effectiveness of existing or new reward policies and practices. In essence, it is the comparison of reward outcomes with objectives to answer the question of how far the reward system has achieved its purpose and to indicate what actions are required.

The process of reward evaluation

The process of reward evaluation is illustrated in Figure 14.1.

Purpose and contents of the tool

The CIPD 2009 reward management survey established that only 32 per cent of respondents assessed the impact of their reward practices. ...

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ISBN: 9780749461676

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The Reward Management Toolkit

by Michael Armstrong, Ann Chapman

Tool 14Evaluating reward