In this podcast we are focusing on reward; hearing from specialists in different sectors and organisations. We will also be getting an insight into the latest CIPD Reward survey.
Philippa Lamb discusses the issues with:
Adrian Furnham
Charles Cotton
John Marsden
Samantha Gee
Janet Fleming
Introduction
Philippa Lamb asks Adrian Furnham about the role of reward in engaging and motivating employees. Adrian points to a common mismatch between values and reward strategy in organisations and runs through some points to consider before finalising a strategy.
The latest CIPD Reward survey, discussed with its author, Charles Cotton, found that different parts of the business have different interests and few look at reward strategically. Charles suggests a more holistic approach, taking account of people’s different needs.
At Honda’s Formula One racing team, John Marsden explains how he aligns the pay package for the business. His strategy avoids the creation of prima donnas, but takes account of the extensive travelling his employees do.
In the light of a possible economic slowdown, Philippa asks Adrian what this might mean for reward packages. He runs through the options and reveals some surprising alternatives.
Charles turns back to the survey findings and looks to the future, touching on retention, and performance in its wider sense.
Philippa asks Adrian about the lurking ‘bear traps’. He has some excellent pointers to their avoidance.
KPMG’s Samantha Gee talks about a performance system they have devised which forces honest measurement of performance. Variable pay is at the heart of the thinking here.
Philippa wonders whether a survey is the best way the find out what people want. Adrian says that this is one way but flexibility is all. He cites ‘age and stage’ as another consideration.
Janet Fleming from the voluntary sector thinks that people want more out of a job than money. She explains what attracts people to stay with the organisation, or return to it, although the pay may be less. She also touches on paying older people returning to the Third Sector
One size fits all? Adrian doesn’t think so.
Useful links to relevant parts of the CIPD website:
There's a new CIPD podcast every month. Coming soon … a look at current issues … a new podcast examining the ins and outs of employer branding … a look at the latest trends in learning and development from the CIPD’s HRD conference … and more.
Look out for the CIPD podcast every month.
We've got an exciting programme planned. In the next few months we'll be examining the opportunities and challenges for HR when considering employer branding and hearing about the latest trends in learning and development.