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Salary, bonuses, benefits and ''perks'' may be the most visible elements of a rewards program, but other components are just as valuable to employees. This comprehensive book and CD-ROM package shows how nonfinancial rewards can be quantified and combined with monetary measures in a way that complements business objectives.The authors' eye-opening research on what employees value is backed up by examples from their own consulting experience. The book's step-by-step process features more than 100 practical tools for developing an ''M3'' rewards system based on money, mix, and message, and provides a blueprint for creating a custom-tailored rewards strategy to match an organization's specific goals.
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AM FL Y TE Team-Fly® Creating a Total Rewards Strategy This Page Intentionally Left Blank Creating a Total Rewards Strategy A T OOLKIT FOR D ESIGNING B USINESS -B ASED P LANS Todd M. Manas and Michael Dennis Graham American Management Association New York • Atlanta • Brussels • Buenos Aires • Chicago • London • Mexico City San Francisco • Shanghai • Tokyo • Toronto • Washington, D.C. Special discounts on bulk quantities of AMACOM books are available to corporations, professional associations, and other organizations. For details, contact Special Sales Department, AMACOM, a division of American Management Association, 1601 Broadway, New York, NY 10019. Tel.: 212-903-8316. Fax: 212-903-8083. Web site: www.amacombooks.org This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. Library of Congress Cataloging-in-Publication Data Manas, Todd M., 1959– Creating a total rewards strategy : a toolkit for designing business-based plans / Todd M. Manas, Michael Dennis Graham. p. cm. Includes bibliographical references and index. ISBN 0-8144-0722-6 1. Incentive awards. 2. Performance awards. I. Graham, Michael Dennis, 1952– II. Title. HF5549.5.I5 M273 2002 658.3'142—dc21 2002007991 © 2003 Todd M. Manas and Michael Dennis Graham All rights reserved. Printed in the United States of America. Although this publication is subject to copyright, permission is granted free of charge to use and print pages from the enclosed CD-ROM. Only the original purchaser may make copies. Under no circumstances is permission granted to sell or distribute on a commercial basis material reproduced from this publication. Except as provided above, this publication may not be reproduced, stored in a retrieval system, or transmitted in whole or in part, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of AMACOM, a division of American Management Association, 1601 Broadway, New York, NY 10019. Printing number 10 9 8 7 6 5 4 3 2 1 Dedication To my wife, Fran, and my girls, Lillian and Sydney. The true rewards of my world.—TMM To Elizabeth, Rivendale, family, friends, clients, and associates. All my learnings are from you.—MDG This Page Intentionally Left Blank Contents List of Figures Preface Acknowledgments Chapter 1: Defining Total Rewards and a Rewards Strategy Total Rewards Noncash Rewards Total Rewards Strategy and Its Context The Total Rewards Strategy Development Process Turnover and Employee Motivation Issues Chapter 2: Planning the Total Rewards Development Process Total Rewards Strategy Process Owners Reward Plan Development Business Case Issue Resolution (Why) Objective (What) Diagnosis (Where) Timing (When) Involvement (Who) Project Scope (How) Cost/Benefit Modeling