Making pay and performance practices fit for purpose

 

Making pay and performance practices fit for purpose

Willis Towers Watson

22 February 2016

Performance and reward practices are under the spotlight as the rigidity of many traditional structures is constraining attracting, retaining and engaging employees.

Our exciting seminar on 22 February presented insights into how HR can provide leadership to make pay and performance practices fit for purpose.

We were pleased to work with Willis Towers Watson to bring you this exciting one day seminar on current and emerging trends in performance management and reward strategies. Leading companies shared their current practices, dilemmas and learnings. Willis Towers Watson provided an update on evolving trends in pay and reward.

Our exciting line-up of speakers included:

  • Joe ffrench, Microsoft, on how Microsoft has realigned its performance management program
  • Prof Uri Gneezy, University of California's Rady School of Management, on the meaning of money: how pay affects behaviour
  • Kevin Empey, Willis Towers Watson, on the evidence of a changing performance landscape
  • Orla Graham, Deloitte, on how one size does not fit all when it comes to performance: managing a diverse workforce
  • Ciara Ruane, Willis Towers Watson, on the future direction of pay and reward strategies
  • Oonagh Buckley, Department of Public Expenditure and Reform on what’s next for public sector pay and performance practices

Thought leadership – Prof Uri Gneezy

On the day we drew on new learnings from the field of behavioural economics, to better understand the psychological and emotional factors that affect the economic decisions individuals make at work. We heard from thought leader Uri Gneezy, the Epstein/Atkinson Endowed Chair in Behavioral Economics and Professor of Economics & Strategy at the University of California's Rady School of Management.

Gneezy talked about the undiscovered economics of everyday life, how this affects behaviour and what this means for performance and reward in organisations. His work focuses on helping organisations to understand and use behavioral economics to optimise the value of incentives and rewards.

For more information, see The meaning of money: how pay affects behavior.

Research

We also presented CIPD research and drew on the CIPD/Willis Towers Watson survey on performance management to look at how trends in Ireland compare to elsewhere. The seminar looked at how organisations can deal with this while striving to build a high performance culture. The seminar also provided an update on the implications of recent developments around the living wage