The Manager's Guide to Rewards: What You Need to Know to Get the Best for -- and from -- Your Employees

This book is written more for Line Managers, than for HR professionals, but will benefit both when implementing a Total Rewards strategy. The book is tight and as succint as it can be to cover a multifaceted management system in as few pages as it does. It also serves as a reference for any organization that seeks to attract, retain, and motivate the most qualified and capable human capital during the "War for Talent" that is upon us. Hay Group's use of evidence based research to underscore concepts is a key strength of this book as well.

"While many organizations boast that their people are their most important assets, a good many fail to act as though they believed it."

What about your organization? Does it "walk the talk" when it comes to proving to employees that they matter? Even the most well-intentioned companies fall short in their efforts to recognize and reward excellence. Sometimes the obstacle is a thicket of red tape or the burden of "the way we’ve always done it." And of course it’s often a financial matter.

Many managers believe that compensation decisions rest with the HR department. But contrary to what you might think, your hands are not tied.

The Manager’s Guide to Rewards is the first book to take a practical look at compensation issues from the manager’s perspective. It covers everything you and your company need to know to create a program that significantly and consistently rewards great employees — without overly burdening the bottom line.

The book answers important questions that have long frustrated managers in all types of organizations:

How can I motivate my best people (and keep them) when company policy keeps salary increases so paltry?

How do I quantify performance and tie bonus levels to specific levels of achievement, especially where it’s difficult to assign precise dollar values to job responsibilities?

How do I make the business case for rewarding employees, and how do I make the process easier — not just one time, but as a matter of course?

How can I most effectively deploy (separately and in combination) salary, short- and long-term incentives, benefits, perks, and nonmonetary rewards?

The Manager’s Guide to Rewards also shows how to make your recognition and rewards program a positive and proactive part of your overall performance management strategy, whether you’re a line manager or a human resources or compensation professional. You’ll learn how to state goals in ways that create employee focus and define clear performance measures that motivate every employee to go above and beyond — every day.

The most forward-looking organizations realize that the key to attracting, developing, and retaining top performers is a comprehensive and progressive compensation program that reinforces the company’s stated outlook on the importance of its people. The Manager’s Guide to Rewards gives your company the power to compete with those organizations and achieve unprecedented and sustained growth."

Cover......Page 1 ISBN-13: 978-0-8144-0886-5......Page 5 Contents......Page 6 Foreword......Page 8 Preface......Page 10 Acknowledgments......Page 12 Why This Book Is Important......Page 16 Ensuring an ROI on Your Rewards Programs......Page 26 The Link Between Rewards and Business Objectives......Page 46 Performance Measures That Motivate......Page 60 Getting Employee Commitment with ‘‘Total Rewards’’......Page 76 Putting a Price Tag on Work......Page 96 Base Salary Management: Building the Foundation......Page 112 Reinforcing Results with Variable Pay......Page 134 The Hidden Value of Bene ts......Page 156 Remembering the Management in Performance Management......Page 174 A (Career) Path to Employee Satisfaction and Business Success......Page 196 The Importance of Communications......Page 214 Recognition: The Most Meaningful Reward?......Page 230 Notes......Page 238 Index......Page 244 About the Authors......Page 254 About Hay Group......Page 256 A manager who understands the ins and outs of his company's compensation system is more likely to be able to retain his best people, keep them motivated, and ensure that they continue to produce outstanding results. Written by compensation experts at the Hay Group--one of the most respected consulting firms in the world-- The Manager's Guide to Rewards reveals how * motivate and keep the best people despite company pay limits * get employees to understand the connection between what they achieve and the bonus or salary increases they are paid * use base salary, short and long-term incentives, benefits, perks, and non-monetary rewards more effectively Decisions about rewards are not just in the hands of HR professionals. This important book shows that managers have more power than they may think to use rewards creatively and keep their most valuable employees happy and productive. In order to keep their most valuable employees happy and productive, managers must understand the ins and outs of their companies' compensation systems! And once they do, they often find they have a lot more control than they realised. "The Manager's Guide to Rewards" shows readers how they can use rewards creatively to retain their best people, keep them motivated, and ensure that they continue to produce outstanding results.